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Cryptocurrency News Articles
Robinhood Explores the Possibility of Entering the Multi-Billion-Dollar Stablecoin Market
Sep 27, 2024 at 07:30 pm
Robinhood is already working on possibly issuing its own stablecoin, but it has yet to make a final decision
Fintech giant Robinhood is reportedly considering entering the multi-billion dollar stablecoin market, according to a new report, signaling growing interest in stablecoins amid the broader cryptocurrency industry's expansion.
Robinhood is exploring the possibility of issuing its own stablecoin, although a final decision has not yet been made, Bloomberg reported Thursday, citing people familiar with the matter.
The Menlo Park-based fintech services provider, which also has a crypto arm, Robinhood Crypto, is said to be looking at the opportunity as tighter regulations on stablecoins in the European Union and other jurisdictions may present an opening to challenge Tether's dominance in the space.
The Burgeoning Stablecoins Market
As of early Friday, the stablecoin market is seeing a total market cap of around $174 billion, according to data from CoinGecko, with a trading volume that has crossed $80 billion.
Tether's USDT makes up the majority of the market space with over $119.4 billion. In second place is USDC, which has a market cap of $36.3 billion. DAI follows in third place, further down the line with a market cap of $5.4 billion.
How MiCA Could Turn the Tides
The European Union's Markets in Crypto Assets (MiCA) regulation, which includes a wide range of guidelines for crypto and digital asset service providers, is the most prominent piece of crypto-focused regulation in the world thus far.
The stablecoin-specific regulations have come into effect, but even before MiCA's implementation began this year, Tether faced one setback.
In March, crypto exchange OKX delisted its USDT pairs in Europe, with OKX customer support telling customers in the region that "adjustments were necessary for us to comply with regulations and maintain the integrity of our platform."
It remains to be seen if other exchanges will follow suit, but OKX is among the Top 5 largest crypto exchanges in the world by trading volume, making the delisting a significant blow to USDT.
Robinhood's Crypto Ventures
Meanwhile, Robinhood is a major fintech player that has been in the financial space for over a decade and has closely observed the ups and downs of global markets. A Robinhood spokesperson clarified that the company has "no imminent plans to launch this offering" when asked by Bloomberg for a comment.
The statement may indicate that while there are no immediate plans to issue a Robinhood stablecoin, it could also suggest that the fintech leader is not ruling out the possibility.
Moreover, the company is continuing to venture into the crypto space. In addition to Robinhood Crypto, the company may soon have its own digital assets exchange. In June, it announced that it had agreed to acquire Bitstamp in a $200 million cash deal. At the time, Robinhood said the acquisition "better positions the company to expand outside the U.S. and will bring a trusted a reputable institutional business" to the growing fintech behemoth.
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- Bitcoin (BTC) Primed for Best September Ever as Signs of Retail Return Emerge
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- Sep 28, 2024 at 12:20 am
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- Altseason Setting the Stage? Key Signals Indicate a Positive Outlook for a Wild Altcoin Season
- Sep 28, 2024 at 12:20 am
- Bitcoin [BTC] made a remarkable recovery in September, rallying from $52.5K to $65K. The recovery also boosted altcoins, as the Altcoin Season Index
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- GoodEgg (GEGG): The Smart Investor's Hedge Against Solana (SOL) Volatility
- Sep 28, 2024 at 12:20 am
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- GoodEgg (GEGG): The AI-Powered Play-to-Date Token Targeting 10% of Solana's (SOL) Market Cap by 2025
- Sep 28, 2024 at 12:20 am
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- The Rise of GoodEgg (GEGG) and AI Altcoins
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