59% of Robinhood Chain Stock Token Volume Traded Outside U.S. Market Hours, Data Shows

Since Robinhood Chain went live on July 1, 2026, its tokenized U.S. stocks have built a trading pattern that looks nothing like the New York Stock Exchange's schedule.

Data for Sept. 24 to Oct. 23, cited by Entropy researcher Tom Wan, shows $3.68 billion in decentralized exchange volume in Stock Tokens on the network. Of that, 59% traded outside regular U.S. market hours.

The breakdown

Regular-session trading made up $1.5 billion, or 41% of the total. The rest was spread across the clock:

• Premarket: $677 million (18%)
• Overnight: $608 million (17%)
• Weekend: $532 million (14%)
• After-hours: $363 million (10%)

The weekend figure matters because the NYSE is shut on Saturdays and Sundays. Money still moved through Uniswap, Rialto and other venues that support the tokens.

Stock Tokens are ERC-20 tokens that give holders price exposure to U.S. stocks and ETFs. Robinhood Chain is an Ethereum Layer 2 network built with tokenized assets in mind.

Who is trading

Stock Tokens are not available to U.S. residents. The traders are, by design, outside the country.

As of Oct. 12, cumulative Stock Token volume had reached $15 billion, with roughly 200,000 holders in more than 120 countries. For a trader in Asia or parts of Europe, the U.S. cash session falls in the middle of the night or late in the evening. A 24/7 venue puts the market on their clock instead.

The supply gap on Sundays

Secondary trading runs around the clock, but creating and retiring tokens does not. Minting and burning follow a Monday-through-Saturday schedule.

That means Sunday trading relies entirely on tokens already in circulation. With the underlying shares unable to trade and no new supply possible, token prices can move away from where the real stock reopens on Monday. Crypto Briefing flagged that risk. No figure on the size of any such gap during the measured month has been published.

Separate analysis by blockchain data firm Bitquery looked at tokenized Nvidia across issuers from mid-September to mid-October. It found Robinhood's Nvidia token sat a median 0.07% from Backed's Nvidia token on Solana, with Coinbase's at 0.08% and Binance's at 0.10%. Robinhood's chain carried 60% of all Nvidia token volume in that window.

Those comparisons are token against token. They do not measure each token against the Nasdaq price over a weekend.

Activity is not growing in a straight line

The headline volume sits alongside signs of cooling. Bitquery found daily stock-token volume on Robinhood Chain fell 61% from September to October. Weekly trading wallets fell 79% from their late-August peak.

An earlier industry report, dated Oct. 10, put the drop in Robinhood Chain transactions at 42%. The 59% figure describes when trading happens. It does not show that trading is rising.

Compliance questions and new plumbing

The offshore structure has drawn pushback. On Oct. 13, AMC's chief executive demanded that Robinhood clarify how its offshore tokenization complies with SEC rules. The sources do not include Robinhood's public answer.

The product is also being built out. On Oct. 22, Morpho announced that Robinhood Stock Tokens are live on its credit network. Users can now borrow stablecoins with the tokens as collateral. A token that trades all weekend can now also back loans.

That adds leverage risk to a market where, by Wan's data, more than half the volume occurs while the underlying exchange is closed.

What traditional markets are doing

Traditional exchanges are moving toward the same demand, but only part of the way. Nasdaq and NYSE Arca plan to begin trading 23 hours a day, five days a week, on Dec. 6.

That schedule excludes weekends. Over the measured month, weekends alone accounted for $532 million of Robinhood Chain's stock-token volume.

The open question is whether that weekend business shrinks once U.S. exchanges extend their weekday hours, or whether weekend access stays a draw for offshore traders. The data through Oct. 23 predates the Dec. 6 change, so it cannot answer that.