Robinhood Puts Its Business on Ethereum

On July 1st, Robinhood launched Robinhood Chain, its own blockchain network. Rather than build a standalone system, the company built it as an Ethereum Layer 2\. This means a network that processes its own transactions but settles them back to Ethereum, which supplies the underlying security. Robinhood chose not to issue a token for the network, so transaction fees are paid in ETH, Ethereum's native currency.

What set the launch apart was that the network arrived with a working ecosystem already on it. Uniswap deployed a trading venue, Morpho supplied lending markets where users borrow against assets they deposit, and Chainlink provided the price data those applications rely on. Robinhood built none of it. Deposits reached $497.8 million by July 21st.

Our Take

Robinhood is a public company with the balance sheet to launch a fully independent blockchain and the customer base to fill it. It chose an Ethereum Layer 2 instead, then handed the financial plumbing to outside protocols already running in production. That tells us what a business actually values when it comes onchain: the liquidity and the audited, battle-tested software sitting on the network before it arrives. Building either from scratch takes years.

ETH the asset benefits at both ends of that decision. It is the currency users spend to transact and the collateral those lending markets are built on. As companies move onchain, the trend we keep seeing is that organizations evaluate every option available, choose Ethereum for the liquidity and security already in place, and in doing so make ETH both the asset they spend to operate and the reserve their markets settle against.

Japan and Russia Write Their Crypto Rules

Two governments with very different intentions passed comprehensive crypto legislation within a week of each other. On July 15th, Japan's parliament approved a bill moving roughly 105 digital assets, including Bitcoin and Ethereum, out of the law governing payment services and into the statute that covers stocks and bonds. Crypto in Japan will now be regulated as an investment rather than as a payment method, which brings insider trading rules, disclosure requirements, and a legal path to exchange-traded funds holding crypto directly.

Six days later, Russia's parliament recognized cryptocurrency as property, giving holders standing in court. Exchanges, brokers, and custodians must be licensed by the Bank of Russia, the country's central bank, and retail investors face an annual purchase cap per licensed firm.

Our Take

Japan and Russia want opposite things from these laws. Japan is trying to move household savings into regulated investment products and establish itself as Asia's hub for digital assets. Russia is building a settlement channel for international trade that functions despite its restricted access to the global banking system. What stands out is that two governments with unrelated goals reached for the same tool in the same month: a licensing system in which one financial regulator decides who may operate.

This also reframes the conversation in the United States. Across global markets, the open question has become what the rules look like rather than whether there will be rules at all. On that question, the United States is answering later than most, with its own market structure bill still waiting on the Senate floor vote.

DTCC Moves Wall Street's Settlement Backbone Onchain

On July 15th, the DTCC began limited production trades of securities tokenized through the DTC's new tokenization service. This marked the first time the institution that custodies over $114 trillion in U.S. securities settled real assets on blockchain rails. Notable events included JPMorgan tokenizing the Invesco QQQ Trust. The tokenization processes created a digital twin on the blockchain that preserves all the rights, liquidity, and investor protections of the original ETF product.

Once tokenized, the assets were then immediately used to satisfy real margin requirements with CME Group. This is the first time a central counterparty had ever accepted tokenized assets as collateral. The full service launches in October 2026, when it opens broadly to all eligible DTCC participants and begins expanding across additional asset classes and use cases.

Our Take

Today, institutions must pre-position collateral across the financial system because moving assets between counterparties takes time. Tokenization and near-instant settlement removes that friction, freeing hundreds of billions to be redeployed productively. JPMorgan's QQQ margin post with CME Group proves this works in a production environment, and the breadth of who showed up (NYSE, Nasdaq, Goldman Sachs, Vanguard, and Citadel alongside Circle and Ondo) is a signal that this concept is no longer an experiment the industry is watching from the sidelines.

The DTCC has already announced its tokenization service will support integration with multiple public blockchains. Once the service goes live in October, we'll be monitoring where these assets migrate to. The flow of capital will be another signal of TradFi's near-term confidence in public blockchain infrastructure, and will give clues as to where activity and value will coalesce.

About Triple Point Strategy

Triple Point Strategy is a research firm and crypto investment manager. We operate the Marietta DeFi Fund, a crypto investment fund that is focused on capital appreciation and DeFi-native income strategies. It is currently available to U.S. accredited investors. Subscribe below to receive our latest insights directly in your inbox.

For U.S. accredited investors only. Offered under Rule 506(c) of Regulation D. This content is for informational purposes only and does not constitute financial, investment, or tax advice. This is not an offer to sell or a solicitation to buy any security. Any investment may only be made through the Fund's confidential offering documents. Investing involves risk, including possible loss of capital. Digital assets are volatile and subject to changing regulations.