USDGOLD (USDG)

EXCLUSIVE: Robinhood is going to pay 7% on dollars to 27.7 million customers.

In this Interview Johann Kerbrat, their SVP of Crypto explains how it all works.

Robinhood Earn lives inside the main investing app. You can buy the USDG stablecoin in a few taps, and it gets deployed into vaults built with Morpho and Steakhouse, and the target yield is roughly 7%.

Where does 7% come from?

Market makers and liquidity providers pay it. These are traders who need USDG liquidity to run spot and perps trading. Your deposit is funding someone else's 50x leverage, and you're the one getting paid for it.

Assuming you get paid back.

Which, as we've seen, doesn't always work in DeFi with hacks and smart contract risk. But Robinhood has done something extra to make this retail‑grade.

Robinhood's answer is an insurance program with Lloyd's of London and Relm covering smart contract and vault failure. He says it's one of the largest ever built for a crypto product.

Earn was one of 12 announcements; some others that cau

EXCLUSIVE: Robinhood is going to pay 7% on dollars to 27.7 million customers.

In this Interview Johann Kerbrat, their SVP of Crypto explains how it all works.

Robinhood Earn lives inside the main investing app. You can buy the USDG stablecoin in a few taps, and it gets deployed into vaults built with Morpho and Steakhouse, and the target yield is roughly 7%.

Where does 7% come from?

Market makers and liquidity providers pay it. These are traders who need USDG liquidity to run spot and perps trading. Your deposit is funding someone else's 50x leverage, and you're the one getting paid for it.

Assuming you get paid back.

Which, as we've seen, doesn't always work in DeFi with hacks and smart contract risk. But Robinhood has done something extra to make this retail‑grade.

Robinhood's answer is an insurance program with Lloyd's of London and Relm covering smart contract and vault failure. He says it's one of the largest ever built for a crypto product.

Earn was one of 12 announcements; some others that cau

The Robinhood Earn vault, curated by @SteakhouseFi on @Morpho, has reached $16M TVL at a 7.1% APY:

• 1.7% intrinsic
• 5.4% incentive

For scale, Coinbase's vaults peaked around $500M TVL. That's the obvious benchmark, but if you think Robinhood is eyeing $500M, you're thinking too small.

The incentive budget is the tell: $115M of USDG has been allocated to this vault per year. It runs a target APR strategy, so if the vault underperforms, it won't overspend.

But at a ~5% incentive rate, a $115M annual budget mathematically supports roughly $2B in deposits, and depending on where the intrinsic APY settles, that puts the ceiling somewhere between $1.5B and $2.5B TVL.