Robinhood Chain stablecoin market cap tops $1B, USDG takes 67% share

The concentration is the story: a single issuer's dollar token holding roughly two-thirds of supply on a chain tied to a retail brokerage is a distribution fact as much as a liquidity one, and it tells you which issuer won the default slot. Ethena's near-30% share means the remainder is largely one yield-bearing design rather than a broad field, so the chain's dollar base is effectively two products. Whether that narrows further or diversifies is the open question worth watching.