Robinhood Stablecoin Plans Still Undetermined

Robinhood has put to rest recent speculation that it was going to join the stablecoin market, saying there are no “immediate plans” for it to issue a digital currency of its own.

Robinhood has denied recent rumors that it is planning to launch its own stablecoin.

The speculation was sparked by a report over the weekend that claimed Robinhood was preparing to issue a digital currency.

However, Johann Kerbrat, vice president and general manager of Robinhood Crypto, told Decrypt that the rumors were unfounded.

“At this point, we don’t have any immediate plan to launch a stablecoin,” Kerbrat said. “The rumors are always interesting, but we haven’t really spent time on it.”

“On our side, we don’t have any imminent plan,” he added. “It’s always kind of funny in my position to see where people think we’re going to move next.”

The rumors also claimed that Revolut was considering launching a stablecoin.

A source close to Revolut confirmed to Decrypt that the company was indeed exploring the possibility of developing a stablecoin, but declined to provide further details, such as a timeline for the project.

The stablecoin market is dominated by Tether’s USDT, which was launched in 2014 and has become the world’s third-largest cryptocurrency by market capitalization.

As of Monday, USDT had a market cap of $119.6 billion, accounting for about 68% of the stablecoin market.

The second-largest stablecoin is USD Coin (USDC) from Circle, which had a market cap of $35.7 billion.

Both Robinhood and Revolut have already expanded their cryptocurrency services in other ways.

Earlier this year, Revolut began offering Ethereum staking services to its customers.

Meanwhile, Robinhood has listed USDC for trading on its platform.

Despite the growing interest in stablecoins, even some of the largest companies have struggled to find success in the market.

For example, PayPal, despite having one of the biggest user bases in the world, has yet to achieve significant success with its stablecoin, PYUSD.