1 month ago
Robinhood Crypto Vice President and General Manager Johann Kerbrat enactment an extremity to caller rumors that the fintech elephantine has plans to motorboat its ain stablecoin.
Kerbrat told Decrypt successful an interrogation connected Sept. 30 that Robinhood has nary progressive plans to research the improvement of a stablecoin.
Kerbrat said:
“At this point, we don’t person immoderate contiguous program to motorboat a stablecoin. The rumors are ever interesting, but we haven’t truly spent clip connected it.”
His comments travel aft a caller Bloomberg News study claimed Robinhood and Revolut were looking to motorboat a stablecoin.
Despite rising involvement successful stablecoins, Kerbrat emphasized that Robinhood has nary imminent plans to participate this space. He added:
“It’s ever absorbing to spot wherever radical deliberation we’re going to spell next, but for now, that’s not portion of our roadmap.”
Robinhood’s attack to stablecoins has mostly been done partnerships, including the listing of Circle’s USD Coin (USDC). Meanwhile, Revolut has expanded its crypto offerings but has not confirmed immoderate circumstantial plans for a stablecoin launch.
According to the report, Revolut declined to remark straight connected the matter. However, a root acquainted with the European fintech institution said the steadfast was “exploring” the thought of launching a stablecoin. However, nary wide timeline oregon factual plans for a stablecoin merchandise person been finalized astatine this point.
TradFi and stablecoins
The stablecoin market, led by Tether (USDT), holds a important stock of the wide crypto landscape, but caller entrants person faced hurdles.
Major accepted fiscal firms similar PayPal and JPMorgan, arsenic good arsenic crypto giants similar Binance, person failed to situation the dominance of USDT and USDC.
In August 2023, PayPal introduced its ain stablecoin, PYUSD, aimed astatine facilitating seamless payments and transfers betwixt users. Despite PayPal’s ample idiosyncratic base, the stablecoin has struggled to summation important traction successful a marketplace dominated by crypto-native players.
Despite the challenges, speculation continues to swirl astir TradFi companies looking to capitalize connected the increasing request for unchangeable integer currencies, with Societe Generale being the latest to participate the space.
The station Robinhood VP quashes stablecoin motorboat rumors appeared archetypal connected CryptoSlate.
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