Robinhood VP quashes stablecoin launch rumors

Robinhood Crypto Vice President and Common Supervisor Johann Kerbrat put an finish to latest rumors that the fintech big has plans to launch its personal stablecoin.

Kerbrat informed Decrypt in an interview on September 30 that Robinhood has no lively plans to discover growing a stablecoin.

Kerbrat mentioned:

“At the moment we now have no speedy plan to launch a stablecoin. The rumors are all the time attention-grabbing, however we have not actually hung out on them but.”

His feedback come after a latest Bloomberg Information report claimed that Robinhood and Revolut have been seeking to launch a stablecoin.

Regardless of the rising curiosity in stablecoins, Kerbrat emphasised that Robinhood has no plans to enter this area. He added:

“It is all the time attention-grabbing to see the place individuals suppose we’re going, however for now that is not a part of our roadmap.”

Robinhood’s strategy to stablecoins has been largely by way of partnerships, together with the itemizing of Circle’s USD Coin (USDC). In the meantime, Revolut has expanded its crypto providing however has not confirmed any particular plans for a stablecoin launch.

In line with the report, Revolut declined to remark straight on the matter. Nevertheless, a supply aware of the European fintech firm mentioned the corporate was “exploring” the concept of ​​launching a stablecoin. Nevertheless, no clear timeline or concrete plans for a stablecoin launch have been finalized presently.

TradFi and stablecoins

The stablecoin market, led by Tether (USDT), has a big share of the general crypto panorama, however new entrants have confronted hurdles.

Giant conventional monetary corporations akin to PayPal and JPMorgan, in addition to crypto giants akin to Binance, have did not problem the dominance of USDT and USDC.

In August 2023, PayPal launched its personal stablecoin, PYUSD, aimed toward facilitating seamless funds and transfers between customers. Regardless of PayPal’s massive consumer base, the stablecoin has struggled to achieve vital traction in a market dominated by crypto-native gamers.

Regardless of the challenges, hypothesis stays about TradFi corporations seeking to capitalize on the rising demand for steady digital currencies, with Societe Generale the newest to enter this area.

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