Vice president and general manager of Robinhood Crypto, Johann Kerbrat, has dispelled rumors of the company’s plan to issue its own stablecoin.
Vice president and general manager of Robinhood Crypto, Johann Kerbrat, has dispelled rumors of the company’s plan to issue its own stablecoin.
"At this time, we don't have any short-term plan to launch a stablecoin," Kerbrat said, pushing back against recent rumors that had gained traction following a Bloomberg report.
That report suggested both Robinhood and European fintech company Revolut were exploring ways into the growing stablecoin market.
While Revolut hasn’t commented, sources close to the European neobank suggested a stablecoin was indeed being "explored," but no firm timeline nor specific details had been set.
The stablecoin market, dominated by Tether's USDT, is valued at $119 billion market capitalization. Tether currently controls 68% of the whole $173.5 billion stablecoin market, which already sets the bar very high for any potential competitors.
In fact, Robinhood has made some strategic moves in the crypto space, listing Circle's USDC, the second-largest stablecoin with a $36.3 billion market cap. For its part, Revolut has recently expanded its cryptocurrency suite of services to include staking services for various tokens, including Ethereum.
The entry into the stablecoin market isn't exactly easy, even for most established financial giants. The volume for PayPal's PYUSD, despite having one of the most extensive user bases for any financial company, lies at a modest supply of about $710 million.
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