Ethena holds nearly half of Robinhood Chain's USDG supply

On-chain analyst Tom Wan claimed on X that Ethena (ENA) holds nearly half of the total USDG supply on Robinhood Chain. He explained that Ethena holds $50 million worth of USDG on the chain itself, plus another $50 million in a joint Ethena and Steakhouse USDG vault. Wan also noted that the total market capitalization of stablecoins on Robinhood Chain has surpassed $200 million. Citing a chart from Entropy Advisors, he stated that as of July 7, the figure stood at approximately $239.04 million, comprising $221.33 million in USDG and $17.71 million in USDe.