Bernstein analysts said Robinhood Chain could generate $160 million in annual fee revenue by 2028, driven by demand for tokenized stock trading and a changing mix of on-chain activity since the network launched on July 1.

Bernstein’s forecast rests on Robinhood Chain’s early traction in tokenized equities and fee generation. According to the analysts, tokenized stock trading already accounts for about 27% of total on-chain trading volume on the network, while meme coin activity has become a smaller share of usage since launch.

The analysts said native meme coin trading made up 100% of activity when the chain went live on July 1, but that share has since dropped to 36%. They attributed part of the shift to automated market-making pools on Uniswap that pair meme coins with stock tokens, creating what Bernstein described as bidirectional “reflected demand.”

Bernstein also said Robinhood Chain has become the leading public chain in daily fee revenue in just over two months since launch, generating $2.13 million over the past 24 hours. That claim and the 2028 revenue estimate both frame the network as an early standout among chains trying to build real trading demand around tokenized financial assets.

The note adds to growing attention on Robinhood’s on-chain strategy, especially where tokenized stocks are concerned. Bernstein last month raised its price target for Robinhood stock from $130 to $160, linking part of its broader thesis to the company’s crypto and tokenization initiatives.

Why It Matters

The report highlights a developing shift in crypto market structure: tokenized equities are being tested not only as a product category, but as a source of recurring on-chain fees. If Robinhood Chain can sustain usage beyond launch-period meme coin trading, it could strengthen the case that tokenized stocks can support meaningful blockchain activity rather than serving as a niche experiment.

The mix shift Bernstein described also matters for how new chains are evaluated. Early fee spikes tied to speculative assets can fade quickly, while activity tied to tokenized financial products may be seen as more durable by exchanges, liquidity providers, and institutions assessing where on-chain trading infrastructure is gaining traction.