Research dashboard · data as of 2026-10-13

Robinhood Earn

Robinhood's onchain lending product: a normal app in front, a Steakhouse-curated Morpho vault underneath. Users, flows, and who borrows against what, read from Robinhood Chain.

01

Robinhood Earn: the distribution channel

Steakhouse USDG vault (steakUSDG) on Robinhood Chain, the contract behind Robinhood Earn. Users = distinct share owners.

Exhibit 1
How Robinhood Earn works under the hood
A Web2 front end on DeFi rails: the user taps Earn; their USDG sits in a self-custodial wallet and is lent through a Morpho vault curated by Steakhouse.
Source: Robinhood Earn support article; onchain, Robinhood Chain@ptimfv
EarnWhere the dollars go· users supply USDG; borrowers post collateral
  1. Earn deposits (USDG)
  2. →Steakhouse USDG vault
  3. →Morpho markets: USDe, syrupUSDG, mGLO, spUSDG

Earn TVL $530.0M · collateral today: USDe 66.3% · syrupUSDG 25.2% · mGLO 6.1% · spUSDG 2.5% · WETH 0.0%. Who gets paid, and which of them have a token: see the Who gets paid tab.

Earn users, all-time
72,721
320,552 deposits · 73,066 current holders (Blockscout)
Median deposit
$100
avg $7K · p90 $5K
Active users, last week
3,468
484 new
Net flow, last week
$-4550237
Earn users per week
active, and new among them
Earn deposits vs net flow
weekly
Cumulative Earn users
Robinhood Earn allocation by collateral
USDG lent against each collateral today
02

The collateral: what borrowers post

Earn users supply USDG. Borrowers post a yield-bearing token as collateral and borrow it. The collateral mix decides which issuers grow with Earn.

USDe share of Earn
66.3%
$351.1M of USDG lent against it
syrupUSDG share of Earn
25.2%
$133.3M of USDG lent against it
mGLO share of Earn
6.1%
$32.5M of USDG lent against it
spUSDG share of Earn
2.5%
$13.1M of USDG lent against it
Robinhood Earn TVL by collateral
daily, onchain

Who these collateral issuers are, how Earn pays them, and their token data: the Who gets paid tab.