Robinhood's Q1 crypto revenue drops 47%, Visa expands stablecoin settlement pilot to nine chains; CLARITY Act markup slated for May

ChainCatcher cited BBX data showing a busy day for crypto-related earnings and stablecoin payments infrastructure. Robinhood Markets, Inc. (NASDAQ: $HOOD) reported Q1 2026 results after the close on April 28 and filed an SEC Form 8-K. Total revenue came in at $1.07 billion, up 15% year over year but below the $1.14 billion consensus. Adjusted EPS was $0.38 versus expectations of $0.39. Crypto trading revenue fell 47% year over year to $134 million from $252 million, while crypto trading volume slid 48% to $24 billion. It was the third straight quarter of declining crypto revenue. Event contracts (prediction markets) moved the other way: revenue surged 320% year over year to $147 million, overtaking crypto for the first time as Robinhood's largest source of trading revenue. Contract volume hit a quarterly record of 8.8 billion contracts. Shares of $HOOD ended down about 13.24% at $71.20 following the report. Visa Inc. (NYSE: $V) said in a BusinessWire release on April 29 that it added five blockchains—Arc, Base, Canton, Polygon, and Tempo—to its global stablecoin settlement pilot, bringing total supported networks to nine. The program previously supported Ethereum, Solana, Avalanche, and Stellar. Visa said annualized stablecoin settlement volume reached $7 billion, up 50% from the prior quarter. The pilot allows issuers and acquirers to settle using stablecoins instead of traditional banking rails, spanning more than 50 countries and over 130 stablecoin-linked card programs. The company also said it has expanded to USDC settlements with U.S. Bank. On April 29, Senator Cynthia Lummis confirmed the Senate Banking Committee's markup hearing for the CLARITY Act is scheduled for May 2026. The SEC also announced a roundtable on CLARITY Act-related topics on May 3, reinforcing market expectations of a late-May timetable.