BlockBeats News, July 15th, according to GMGN market data, the Robinhood Chain's native token INDEX has surpassed a $16 million market cap, currently sitting at $16.02 million, doubling in value in just under 1 hour.

The catalyst behind this rapid surge in the token's price may be attributed to a recent statement by Robinhood CEO Vlad Tenev, where he expressed, "Welcome developers to embed Stock Tokens or RWAs into your applications."

In earlier news, the INDEX project announced that it would use transaction fees to buy on-chain Stock Tokens and distribute them to INDEX holders' addresses.