Ethena, the protocol behind the USDe synthetic dollar, is integrating its product suite into Robinhood Chain, the newly launched Ethereum Layer 2 network that went live on July 1. The partnership positions Ethena’s yield-bearing assets within Robinhood’s freshly minted collateral ecosystem, bringing decentralized finance tools to one of the largest retail trading platforms in the US.

The collaboration arrives alongside Robinhood Earn, a decentralized lending product that lets users lend USDG stablecoins through self-custody wallets directly within the Robinhood app. The estimated annual percentage yield sits at around 7%.

How Robinhood Earn actually works

The lending infrastructure runs on Morpho, an established decentralized lending protocol, with Robinhood Chain serving as the settlement layer underneath. Ethena joins a roster of supporting partners that includes Steakhouse, Spark, and Maple.

Losses stemming from cyber incidents or smart contract vulnerabilities are covered through policies from Lloyd’s of London and RELM. Users interact with the product through self-custody wallets available in the Robinhood app.

Robinhood Chain and the bigger picture

Robinhood Chain itself is built using Arbitrum technology, making it an Ethereum Layer 2 solution. The testnet launched in February 2026, and the public mainnet followed on July 1. The chain’s primary focus is tokenized real-world assets and financial services, with permissionless access and no native token planned.

This mainnet launch is part of a broader push Robinhood has been executing since 2025. The company has rolled out tokenized US equities in Europe, expanded its wallet services, and laid groundwork for perpetual futures offerings.

For Ethena specifically, the partnership extends a relationship that’s been building. Ethena’s ENA token has been trading on Robinhood since late 2025.