Robinhood’s partnership with Uniswap is helping the brokerage rapidly build liquidity on its new blockchain, potentially removing a key obstacle to attracting users and assets, according to Standard Chartered.

In a recent note, Standard Chartered analyst Geoffrey Kendrick said Robinhood Chain has grown to nearly $1 billion in total value locked (TVL), which he described as the fastest growth of any blockchain by that measure. Virtually all of Robinhood Chain’s liquidity needs are being met through Uniswap V2, V3 and V4, Kendrick said.

The arrangement gives Robinhood access to established decentralized finance infrastructure as it scales its blockchain, potentially strengthening its ability to attract users without having to build liquidity from scratch.

The partnership is also having a significant impact on Uniswap’s token economics. According to Standard Chartered, protocol fees generated through Robinhood are now the largest source of UNI token burns.

The UNI burn rate has roughly doubled since a Robinhood-linked fee switch was activated on July 27, reaching an annualized pace of about $90 million. At UNI’s current price of roughly $3.50 apiece, that would translate to 25 million UNI tokens, or just over 4% of the circulating supply, being burned annually.

Robinhood Chain’s liquidity sources. Source: Standard Chartered

Robinhood Chain launched on July 1 with a focus on bringing real-world assets onchain. Adoption accelerated quickly after launch, reaching 194,000 daily active users during its first week.

Related: Robinhood Chain sees over $70M in ETH bridged during first week

Robinhood’s crypto push expands into tokenization and prediction markets

Robinhood Chain is part of the brokerage’s broader push beyond traditional stock trading, with the company expanding into crypto, prediction markets and tokenization. The strategy has drawn attention from Wall Street, with analysts at Bernstein raising their price target for Robinhood (HOOD) stock to $160 per share and identifying tokenization and prediction markets as key growth drivers.

HOOD shares were up more than 4% on Thursday, extending six-month gains to almost 30%. Source: Yahoo Finance.

The expansion has coincided with mixed trends across Robinhood’s crypto business. The company reported record revenue and earnings in the second quarter, even as crypto trading volumes and revenues declined. 

Related: Robinhood in talks with Crypto.com over prediction markets: WSJ

The Blockchain Association urged the US Supreme Court to hear Custodia Bank’s challenge to the Federal Reserve’s denial of its application for a master account, which would give the crypto-focused bank direct access to the Fed’s payment system.

In an amicus brief filed Wednesday, the industry group argued that federal law requires the central bank to make its payment services available to eligible nonmember banks and that the Fed should not have broad discretion to deny access.

The association said the appeals court’s decision effectively gives the Fed veto power over state-chartered banks by allowing it to withhold services needed to operate independently. It also linked Custodia’s case to alleged crypto debanking under “Operation Choke Point 2.0,” arguing that federal regulators discouraged banks from serving the digital asset industry.

Custodia, a Wyoming-chartered bank focused on digital assets, applied for a Fed master account in 2020, seeking direct access to the central bank’s payment services without relying on an intermediary bank.

The Federal Reserve Bank of Kansas City denied Custodia’s application in 2023, and the Tenth Circuit Court of Appeals later ruled that the regional Fed bank had discretion to reject its request. In March, the appeals court voted 7-3 against rehearing the case, leaving the Supreme Court as Custodia’s only remaining avenue for review.

The Blockchain Association said the Tenth Circuit interpreted the Fed’s authority too broadly, potentially allowing it to deny payment-system access to eligible state-chartered banks serving the crypto industry.

Blockchain Association backs Custodia’s Supreme Court petition. Source: US Supreme Court filing

Related: Goldman Sachs CEO backs ‘not perfect’ CLARITY Act as vote expected soon

Crypto companies push deeper into US banking

Custodia’s challenge comes as other crypto companies are gaining greater access to the US banking system, including federal charters and, in one case, direct access to Federal Reserve payment rails.

In March, Kraken Financial became the first crypto banking unit to receive a limited-purpose master account from the Federal Reserve Bank of Kansas City, giving it direct access to Fedwire. The approval contrasts with Custodia’s rejection by the same regional Fed bank in 2023.

In April, Coinbase received conditional approval from the Office of the Comptroller of the Currency (OCC) to establish a national trust company, bringing its custody business under federal oversight without allowing it to take retail deposits or operate as a commercial bank.

Circle received final OCC approval for its national trust bank in July, while Kraken parent Payward applied for its own national trust company charter the following month. The OCC also conditionally approved national trust bank applications from Ripple, BitGo, Fidelity Digital Assets and Paxos in December.

The trend has drawn resistance from traditional banking groups. The Independent Community Bankers of America opposed Coinbase’s approval in April, arguing that crypto companies are seeking the benefits of bank charters without being subject to the full regulatory framework applied to traditional banks.

Magazine: Bitcoin will never fall below $60K again: Nansen founder

What exactly does the lawsuit say?

Key takeaways

• XLM remains under pressure at $0.160.
• Positive funding rates for both tokens offer limited hope of a recovery.
• XLM must reclaim the $0.176–$0.180 area to improve its outlook.

XLM continues to trade below several major moving averages. Mixed derivatives and on-chain signals reveal uncertainty among traders, leaving XLM exposed to further losses despite tentative signs of improving sentiment.

XLM traders show mixed positioning

CoinGlass derivatives data points to a more bearish outlook for Stellar. XLM’s long-to-short ratio was notably weaker at 0.92, approaching its lowest level in more than a month. 

A reading below one indicates that short positions outnumber longs, reflecting expectations of further downside.

Funding rates for both tokens have improved despite their weak price performance. XLM’s funding rate climbed to 0.0092%. 

Positive funding means traders holding long positions are paying short sellers, generally indicating bullish demand in the perpetual futures market.

The figures suggest that some traders are willing to maintain bullish exposure while prices remain under pressure. However, continued declines could leave those long positions vulnerable to liquidations.

CryptoQuant data presents a mixed picture for Stellar. XLM’s futures market shows selling-side dominance across both spot and futures markets. 

The presence of large whale orders adds uncertainty, but the broader data continues to favor caution while sellers control trading activity.

Stellar remains below major moving averages

Stellar traded near $0.160 on Thursday, maintaining a bearish short-term outlook below all three major EMAs.

The 50-day EMA is positioned at $0.176, while the 100-day and 200-day EMAs stand at $0.180 and $0.190, respectively. 

Their convergence above the current price creates a dense resistance zone that buyers must overcome before a meaningful recovery can develop.

Momentum indicators also remain weak. XLM’s RSI is near 33, placing it close to oversold territory, while the MACD continues to trade in negative territory.

Although the low RSI could eventually support a relief rally, it does not by itself confirm that XLM has reached a bottom.

The first important resistance zone for Stellar sits between the 50-day EMA at $0.176 and horizontal resistance at $0.177.

A break above this area could ease selling pressure and open the way toward the 100-day EMA at $0.180. Bulls would then need to clear the 200-day EMA at $0.190 to establish a stronger recovery.

If XLM remains below these levels, the bearish outlook will persist. Continued selling could send the token toward its next meaningful horizontal support at $0.142, where buyers may attempt to defend the price.

For now, XRP’s slight bullish positioning provides limited recovery hope, but both tokens remain technically vulnerable while trading below their major moving averages.

ETH Exchange Reserves, Source: CryptoQuant

Spot ETH ETFs, Source: SoSoValue

Bullish (NYSE: BLSH) shares jumped in early trading on Thursday after the institution-focused crypto exchange and CoinDesk owner reported a strong rebound in quarterly results. The company said second-quarter adjusted revenue climbed 62% year over year, while adjusted EBITDA more than tripled, reflecting both improved operating performance and a shift in where income was coming from.

The stock’s move also followed a regulatory step in Gibraltar that broadens Bullish’s ability to operate in tokenized securities—an area that has increasingly drawn attention from traditional finance. Investors appear to be weighing the quarter’s financial momentum alongside the company’s push toward more regulated onchain market activity.

Key takeaways

• Bullish reported second-quarter adjusted revenue of $92.6 million, up from $57.0 million a year earlier.
• Adjusted EBITDA rose to $29.5 million from $8.1 million, indicating a significant improvement in profitability.
• Subscription, services and other revenue reached a record $62.7 million, helping offset weaker exchange activity.
• The company’s quarterly trading volume totaled $179.6 billion, down from $197.4 billion year over year, while average daily volume fell to $2.0 billion.
• Bullish received approval from Gibraltar’s Financial Services Commission to offer secondary trading in issuer-sponsored tokenized securities and raised full-year guidance for subscription-related revenue.

Quarterly results point to operating leverage

In its earnings update, Bullish said adjusted revenue for the second quarter reached $92.6 million, compared with $57 million in the same period of the prior year. The profitability turnaround was even more pronounced: adjusted EBITDA increased to $29.5 million from $8.1 million.

On the bottom line, the company reported adjusted net income of $14.3 million, reversing a $6.0 million loss in the year-ago quarter. For shareholders, the combination of rising revenue and sharply higher adjusted EBITDA suggests the business is capturing more value per unit of activity—an important signal for exchanges that have historically been sensitive to market volumes.

Revenue mix strengthens as exchange activity cools

While exchange volumes softened compared with the year before, Bullish highlighted a key offsetting driver. Subscription, services and other revenue totaled a record $62.7 million in the quarter.

That figure mattered because trading metrics declined: Bullish reported $179.6 billion in quarterly trading volume, down from $197.4 billion a year earlier. Average daily volume also slipped to $2.0 billion from $2.2 billion. The implied message is that the company’s income stream is becoming less dependent on pure trading throughput and more supported by services and subscription-related earnings.

For traders and institutional users, a revenue mix that relies more on subscriptions and services can be beneficial—especially if broader market activity fluctuates. It may also indicate that Bullish is attracting customers not only for spot trading, but for infrastructure and ongoing platform access.

Gibraltar approval expands tokenized securities business

Separate from the financial results, Bullish reported it received approval from the Gibraltar Financial Services Commission to offer secondary trading in issuer-sponsored tokenized securities. This is a notable development for a company positioning itself in regulated onchain markets.

The approval matters because secondary trading permission moves tokenized securities beyond primary issuance mechanics and into ongoing liquidity, where regulatory frameworks and market structure typically become more complex. Bullish framed the step as part of its expansion into regulated tokenized markets.

However, the exact scope of what products can be listed and how trading will operate in practice was not detailed in the provided information. Investors will likely watch for further clarification on launch timelines, participating issuers, and how trading activity in tokenized securities compares with the broader crypto exchange volume.

Guidance raised amid improved visibility

Bullish also lifted its full-year guidance. The company now expects $225 million to $245 million in subscription, services and other revenue, citing performance in the first half of the year and improved visibility.

Raising guidance can be interpreted as management signaling confidence that the stronger revenue mix seen in the quarter will persist. That is particularly relevant given the reported decline in trading volume versus the prior year—suggesting the company believes its non-exchange revenue streams are gaining enough momentum to offset weaker trading activity.

At the same time, investors should note that guidance is tied specifically to subscription, services and other revenue. The company did not provide a revised outlook in the provided excerpt for exchange-specific results, so it remains unclear how much of the improvement will translate into sustained volume growth.

Shares rally, but longer-term performance remains a concern

Thursday’s advance extends a broader rebound for Bullish shares. The stock has gained around 20% over the past month, according to Yahoo Finance data. Even with the recent rally, Bullish shares remain far below levels seen after the company’s listing last year, trading about 70% under post-listing highs, based on the same Yahoo Finance reference.

In other words, the near-term reaction to stronger financial metrics and a regulatory expansion comes against a backdrop of still-limited recovery from earlier drawdowns. That dynamic often shapes how markets respond to the next earnings report: investors may continue to reward progress on profitability and services growth, while still requiring evidence that trading volumes and tokenized securities activity can scale.

Looking ahead, the key signals to watch are whether Bullish can maintain subscription and services momentum as trading volumes fluctuate, and how quickly the Gibraltar tokenized securities approval translates into tangible secondary-market activity. The regulatory green light may open doors, but the market will ultimately want proof in execution and sustained earnings.