One $50M Deposit Sent Robinhood Chain's TVL Up 160% in a Day

Synthetic dollar protocol Ethena deposited $50 million in USDe into a Steakhouse Financial vault built on Morpho, deployed on Robinhood Chain. The effect was almost immediate: the network's total value locked jumped from $83 million to $147 million — a 160% increase in 24 hours. ENA rose 4.13% on the news.

Ethena becomes the chain's main stablecoin supplier

This wasn't a one-off transaction — it's part of a broader role. Ethena was selected as the primary collateral asset issuer for Robinhood's Earn product, with Steakhouse Financial curating the vault infrastructure and Morpho powering the credit markets. Ethena currently accounts for roughly $100 million of stablecoin supply on Robinhood Chain — about half of all stablecoins circulating on the network.

What this means in practice

For Robinhood Chain, which cracked the top five chains by DEX volume just a couple of weeks after launch, the Ethena partnership fills an important gap — durable stablecoin infrastructure needed to support DeFi activity at any real scale. For Ethena, it's early access to a fast-growing new chain at the exact moment when locking in a dominant market share is easiest.

This material is for informational purposes only and is not investment advice.