Robinhood Chain is live, and with it Robinhood Earn, a new way to put stablecoins to work. Users can lend USDG onchain via a self-custody wallet right in the Robinhood app and earn yield with no lockup.
Everything is handled onchain: Steakhouse, a curator, runs the Morpho vault where funds are deposited, and the rate is powered by Merkl.
Robinhood Earn lets users earn on their USDG. Idle balances can be used to purchase USDG (the stablecoin from the Global Dollar Network that Robinhood co-founded) and supply to the Steakhouse USDG vault on Morpho, all in the Robinhood app. It runs on Robinhood Chain, a permissionless Layer 2 blockchain built for financial services and tokenized real-world assets.
Merkl is the engine behind the rate. The Morpho vault generates native yield as USDG is lent out. On top of that, Merkl distributes vault shares to reach the target rate. Because they are vault shares, they compound automatically.
These extra vault shares go only to users who deposited through Robinhood, in proportion to their stake in the vault.
For users, Robinhood Earn is a simple way to access DeFi yield: put your crypto to work, right inside the Robinhood app.
For teams, the same engine is available across the network. Merkl is the reward distribution layer for Robinhood Chain, and any protocol building on it can distribute rewards to its users in a few clicks, with nothing to build.
Putting your USDG to work takes just a few taps in the Robinhood app:
Open the Robinhood app and go to Earn
Fund your account with USDG by purchasing or depositing from an external wallet
Deposit into Earn, confirm, and your USDG starts earning
Want to look under the hood? Explore the live opportunity on the Merkl App →
Building on Robinhood Chain and want to distribute rewards to your users? Start distributing in Merkl Studio →
The product rolls out gradually and may not be available to everyone at launch.