Coinbase, Robinhood, and Circle: Three Issuers, the Same Distribution Dilemma

Author: Alea Research

Compiled by: Deep Tide TechFlow

Deep Tide Overview: Coinbase lists stock tokens, Robinhood builds its own chain, and Circle launches Arc. The three giants are betting on "issuance," but the real determinant of success is whether users can access the assets they issue. This article dissects Jumper routing data, revealing the astonishing speed at which the new chain consumed nearly 8% of cross-chain traffic in just 74 days, and how LI.FI quietly collects tolls amid the issuer melee.

Coinbase has listed stocks on Base, Robinhood has built a chain, and Circle opened Arc on September 16. Each of them needs (more) reach.

The major releases from Coinbase, Robinhood, and Circle have profound implications for the crypto industry. Each release shares a common point: issuance. They have all placed a bet this year (from tokenized stocks to stablecoins), and this bet only pays off when people can access the assets they issue. Indeed, distribution is key. In the 30 days leading up to September 10, Jumper routed $934.6 million, a 40.3% increase, with its fastest-growing destination being a chain that was only born 74 days ago.

LI.FI distributes tokenized stocks from xStocks, Ondo, Backpack, Robinhood, and Coinbase. A single integration can reach all issuers and bring them to over 1,000 applications and wallets.

Robinhood Chain, starting from the first routed funds on June 28, has captured 7.9% of Jumper's 30-day trading volume, an increase of 2.9 percentage points, making it the largest gainer in destination share.

Intent trading allows users to start with USDG on one chain and hold stock tokens on another chain without manual cross-chain or conversion.

Advance increased the median transfer amount by 39.1% in its first month, reaching $89.42.

Circle's Arc mainnet opened on September 16, with LI.FI connecting routing on the first day, similar to what Jumper did with Robinhood Chain in June.

Five Issuers, One Integration

Tokenized stocks welcomed their issuers in 2026. Coinbase natively listed stocks on Base in August, and LI.FI was one of the first routing systems to support them. Robinhood built an entire chain around them. Ondo, xStocks, and Backpack have already launched. Centrifuge signed on August 31. Circle's Arc opened on September 16.

Each of them faced the same problem on launch day. If someone cannot access a tokenized stock from their existing wallet, chain, and assets, it is worthless to them. Issuance is only the easy half.

This is the service LI.FI sells. Jumper is the consumer-facing front end running on it. This router occupies 18.0% of the $5.14 billion cross-chain aggregator category, ranking second among twenty-two platforms, only behind its own LI.FI routing API at 23.2%. DefiLlama records the two as separate protocols because Jumper's transfers are outside LI.FI's data line, allowing the shares to be additive. The LI.FI tech stack routed 41.2% of this category.

The median transfer amount is $91, with stablecoins accounting for about half of all receiving routes.

On average daily, this figure represents a combined daily routing volume of $39.5 million from both legs, with the busiest day of the quarter being September 4, reaching $59.9 million. Since mid-August, the growth rate has been climbing.

Robinhood Chain Goes from Zero to 7.9% in 74 Days

Robinhood Chain routed its first Jumper funds on June 28, 2026. Seventy-four days later, it accounted for 7.9% of Jumper's 30-day trading volume, making it the fifth-largest destination after Ethereum, Arbitrum, Base, and Solana. That is $73.4 million in 30 days, with a cumulative total of $119.6 million since launch.

It also saw the largest share growth among destinations, increasing by 2.9 percentage points. Ethereum increased by 1.3 percentage points, Ink increased by 1.2 percentage points from a much smaller base, and Solana increased by 1.1 percentage points. No chain lost more than one percentage point. The flow of funds is spreading to those that have recently opened, rather than concentrating behind a single winner.

The dollar is one perspective, while the routing count is another. Based on Jumper's daily sampled routing shares, Robinhood Chain's share is close to 26%, while the dollar share is only 7.9%. This chain is absorbing a large number of small transfers rather than a few large ones, which is how a retail platform operates normally.

Forty Tokenized Assets and the Routes to Access Them

Robinhood Chain is built around tokenized stocks, and Jumper is one of its funding routes. Of the 280 transfers that landed, 52.9% arrived in ETH, and 36.1% arrived in USDG.

Every asset listed on Robinhood requires dollars to trade, and Jumper is one of the routes bringing dollars.

Intent trading can directly route the purchase of stock tokens. Users start with USDG on one chain and ultimately hold SPCX on Robinhood Chain, with solvers competing to fulfill the order.

Applications can access this route without building their own solver infrastructure, as LI.FI has delivered it to over 1,000 integrators, including Robinhood Wallet, MetaMask, and Phantom. Jumper also operates rwa.jumper.xyz separately, hosting about forty tokenized assets, from NVDA and SPY to gold and short-term treasury bonds.

Of the 120,000 routes generated through Jumper itself over four months, tokenized stocks accounted for only 34. Jumper's own application is just one of many routes and is the least likely to carry that trade. Building distribution before demand arrives is the key. The default entry for an asset class is only worth occupying at a low price when the asset class is still very small.

Fragmentation is more severe than the demand numbers suggest, and this is why this layer can charge fees. A single Tesla stock in LI.FI's own registry is eleven independent tokens, distributed across eight chains, minted by Coinbase, Backed, Ondo, xStocks, Robinhood, and smaller issuers. NVIDIA is also eleven. Someone holding one cannot use it in another quoted place, so someone must make them interchangeable.

The Cost of Fund Movement

Jumper launched Advance in the first week of August: simulated trading, smart slippage, large order splitting, and limit orders implemented through CoW Swap and 1inch. August also saw the addition of perpetual contracts and Solana price simulations.

During the launch period, the median transfer amount rose from $64.30 to $89.42. The high end, however, moved in the opposite direction. The 90th percentile fell by 10.8% to $2,116.34, and the share of transfers over $10,000 dropped from 4.2% to 3.7%.

Both hold true because Jumper achieved growth beneath it. The time required to collect one thousand transfers decreased from 2.65 hours to 1.97 hours. The number of large transfers increased from about 380 per day to 445. Their growth rate is slower than all other segments, which is why, while the number rises, their share actually declines.

Gas fees per transaction have remained almost flat, while transfer amounts have not; the median gas fee for transfers under $100 is 0.077% of the transfer amount, while the same rate for those over $10,000 is below 0.001%. By count, transfers under $100 account for the majority of Jumper's traffic, with 589 out of every 1,000 transfers. Advance is built for the other end of the ledger.

During the same period, routing choices have tended to concentrate. Based on rolling weekly averages, Relay's share in Jumper routing increased from 13.9% in mid-May to 34.0% on September 9, with the top six venues currently occupying about two-thirds of routing choices, compared to about half in May.

LI.FI's own Intents venue currently operates at a share of 6.2%. LI.FI fully owns that venue.

Arc Opened on September 16

Circle's Arc mainnet opened on September 16, with LI.FI going live from day one. A single integration can bring same-chain transactions on Arc, cross-chain bridging from all other supported ecosystems, and one-click deposits. This is similar to what Jumper did in June on Robinhood Chain and in August on Coinbase's Base.

Earn is the configuration layer. It currently indexes 250 vaults across 26 protocols. Aave holds $16.8 billion of that, accounting for 45.7%. Composer can access 95.2% of the vaults in a single transaction. It added Compound, infiniFi, and Apyx vaults in June, Plume's Nest in July, and seven-day and thirty-day yield views and insurance risk labels in August. It is now integrated into MetaMask's Agent Wallet.

The yields users can obtain today range from 7.9% from the USDC vault to 24.4% at the top of the list.

Robinhood Chain took 74 days to go from zero to 7.9% of Jumper's trading volume. Arc opened on September 16, and the same routing is already in place. As new venues continue to emerge, this position continues to compound growth, and 2026 is not lacking in new venues.

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