Robinhood Stablecoin Plans Are Not Yet Approved

Key Points:

• Robinhood dismissed speculation about launching its own stablecoin, stating it has no immediate plans to enter the market.
• While Robinhood stablecoin plans remain undetermined, Revolut is exploring stablecoin development, though details remain unclear.

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.

Read more: Robinhood and Revolut Are Now Considering Promoting Stablecoin 

Robinhood Stablecoin Plans Still Undetermined

The rumors were put to rest on Monday by the company after reports over the weekend said Robinhood stablecoin plans are being pushed.

Speaking to Decrypt, Johann Kerbrat, vice president and general manager of Robinhood Crypto, didn’t give the rumors much credence, saying, “At this point, we don’t have any immediate plan to launch a stablecoin. The rumors are always interesting, but we haven’t really spent time on it.”

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

Though yet to confirm the rumours of official Robinhood stablecoin plans on the way forward, a source close to Revolut revealed to Decrypt indeed that the company was looking into stablecoin development, with details such as the timeline still unclear.

The Market of Stablecoin Is Not So Easy for Newcomers

The stablecoin market, dominated by Tether’s USDT, is a tough landscape for any newcomer to break into. In 2014, Tether got ahead of the curve to establish the first stablecoin in the market.

The market capitalization of Tether stands at $119.6 billion and thus accounts for around 68% of the market. The second-largest stablecoin USD Coin from Circle changes hands at $35.7 billion in market capitalization. Revolut has already expanded crypto services such as Ethereum staking, while Robinhood listed USDC.

Despite such growing interest, even the largest of players have found it hard to break into the stablecoin market-as was the case with PayPal PYUSD despite having the largest user bases.