Robinhood, Revolut Explore Joining $170 Billion Stablecoin Market
Robinhood and Revolut, two of the most valuable fintechs, have been kicking the tires on issuing their own stablecoins, but the firms could still opt not to proceed, said people with knowledge of the matter.
Tweet on App collab Revolut and Robinhood
@RobinhoodApp and @RevolutApp are considering launching stablecoins, Bloomberg reports#app #Crypto #BTC #stabelcoinshttps://t.co/sIjG64RuU6
— The_Journalbiz (@the_journalbiz) September 26, 2024
Companies from Robinhood Markets Inc. to Revolut Ltd. are considering launching stablecoins, betting that stricter regulations in Europe and elsewhere will finally loosen Tether Holdings Ltd.’s grip on the rapidly expanding $170 billion digital asset sector.
Upstarts have tried to compete with Tether’s USDT for years, with most having little to show for it. Circulation of the stablecoin — a type of token designed to maintain a constant value — has swelled to almost $120 billion, accounting for more than two-thirds of the market by that measure. Runner-up USDC stands at $36 billion, according to CoinGecko data, and other stablecoins are far smaller.
