Robinhood Expands Tokenized Stocks on Arbitrum

This week, Robinhood made headlines by expanding its tokenized stock offerings on Arbitrum, adding 80 new U.S. stocks and ETFs to reach a total of 493 tokenized assets worth over $7M, driven by $20M cumulative mints vs $14M burns. By count, ~64.6% are stocks, ~29% ETFs, and ~6.3% “other” (ETNs, commodities, crypto ETFs, U.S. Treasuries). By market cap, ~67% is stocks, ~26% ETFs, ~6.9% other. Standout tokens include GOOGL ($765K, 10.6%), BMNR ($400K, 5.5%), VOO ($390K, 5.4%), HOOD ($304K, 4.2%), TSLA ($278K, 3.8%. Targeting EU users under MiFID II with 24/5 trading, it's a bullish step for onchain equities, signaling deeper TradFi-crypto integration despite regulatory scrutiny. Zooming out, tokenized stocks have become the breakout RWA segment of 2025, with major players like Dinari dShares, Ondo Global Markets (100+ tokenized U.S. equities and ETFs, $300M+ TVL), and Backed Finance’s xStocks. Joining them are Galaxy Digital, which minted its own GLXY shares on Solana as the first SEC-registered public equity onchain, and Centrifuge’s SPXA, a tokenized S&P 500 fund launched on Base.

Coinbase Acquires Echo in $375M Deal

Coinbase has acquired Echo, a platform specializing in onchain fundraising for startups through private or public token sales, in a $375M deal that keeps Echo operating independently while integrating tools like Sonar into Coinbase's ecosystem. Since launch, Echo has hosted 342 deals raising $143 million from 9K+ unique investors, with a median raise of $232K and an average $406K per deal. The platform has seen 5.6 average deals per user and a growing share of repeat investors, showing traction in grassroots, community-driven funding. Its largest round was $9.2 million raised by MegaETH Labs in just three minutes, spanning 3,000 investors from 98 countries and fully compliant with KYC requirements. For Coinbase, the Echo acquisition is a clear play to own capital formation, bridging offchain venture raising with onchain distribution directly on Base. It builds a full-stack pipeline from project launch to token listing and trading, positioning Coinbase to capture early liquidity, strengthen its exchange moat, and front-run the next wave of tokenized equity and yield products. Yet, the move also tests Echo’s neutrality across ecosystems, a potential fault line in an increasingly competitive and fragmented onchain fundraising landscape.

Maple x Aave Bridge Institutional Credit and DeFi at Scale

Maple Finance's partnership with Aave integrates yield-bearing stablecoins into DeFi lending, listing syrupUSDC on Aave's core market and syrupUSDT on Plasma, enabling compliant, high-efficiency borrowing against tokenized credit pools. Available on Plasma since its mainnet launch in September, syrupUSDT became a collateral asset on Aave Plasma on Oct 22, instantly filling the initial 150M supply cap amid surging demand. This creates powerful yield loops: syrupUSDT's base 6%+ APY from Maple's institutional-grade, zero-loss credit pools (proven resilient in October's $19B liquidation cascade) compounds with Aave's lending rates, potentially amplifying to 25%+ through efficient looping strategies. It’s a pivotal step for onchain credit, merging TradFi-backed assets with DeFi composability to create stable, efficient borrowing markets. Since Plasma’s mainnet launch in September, syrupUSDT’s AUM has soared from $158M to over $1B (Sep 14 → Oct 23), a clear signal of accelerating institutional adoption.

Tydro Launches on Ink As Native Lending Protocol

Launched on October 15, Tydro is a decentralized, non-custodial lending protocol built on Kraken’s Ink L2 and powered by a white-label Aave v3 deployment. Serving as the network’s core liquidity layer, Tydro currently supports USDT0, USDG, GHO, wETH, and kBTC, with yield-bearing and restaking assets coming soon. In its first ten days, Tydro attracted $287M in total deposits, $82M borrowed, and $205M in TVL, showing strong demand for credit markets on the new chain. Utilization for USDT0 and GHO is already above 50%. Composability shines through integrations like Velodrome for swaps, Zerion wallet support, Chaos Labs oracles for sub-second pricing, and upcoming Hydrothermal from The Deep (launching October 27 with $25K USDT0 rewards per 3-month phase for LPs), enabling yield loops like supply-borrow-LP strategies to amplify returns. Tydro’s rapid traction positions it as the liquidity backbone of Ink’s DeFi ecosystem, and soon, its reach will extend even further as Tydro integrates into Kraken products, giving users seamless DeFi access directly within the Kraken platform. CeFi reach. DeFi rails.

Stable’s Pre-Deposit Campaign Hits $825M in Hours

Backed by USDT0 and Bitfinex, Stable’s Phase 1 Pre-Deposit Campaign for its upcoming stablecoin-native L1 launched on October 24 and filled its $825 million USDT cap within hours. The campaign integrated with partners like Concrete, Frax, Morpho, Pendle, and LayerZero, allowing early users to lock liquidity and earn future ecosystem rewards. Onchain data shows 276 participants, but activity was highly concentrated: the top 10 wallets contributed over $540 million, with the largest single address depositing $101.4 million USDT. Roughly 60% ($500M+) of the total was funded by a handful of wallets before the public announcement, prompting mild scrutiny around early access and insider trading. Beyond the controversy, the campaign highlights surging demand for stablecoin-focused blockchains optimized for payments and DeFi composability. Stable joins a growing wave that includes Plasma, already live with native stablecoin settlement, and Arc, set to launch soon with a similar focus on high-throughput, low-fee payment infrastructure.

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Dune Team