Stablecoin

Dubai

<ul class="wp-block-list">
 <li>Financial giants Robinhood and Revolut are exploring launching their own stablecoins.</li>
 <li>Tether’s USDT leads the stablecoin market with a $120 billion market cap, holding over two-thirds of the total market.</li>
</ul>
Robinhood Markets Inc. and Revolut Ltd., two prominent fintech firms, are reportedly exploring the possibility of launching their own stablecoins, as per a Bloomberg report. If they entered the stablecoin market, the companies would follow the path of other financial giants like PayPal, which introduced its PYUSD stablecoin last year.
Stablecoins have become a hot topic in the crypto market, with Tether’s USDT currently dominating the market at nearly $120 billion, making up over two-thirds of the <a href="https://thenewscrypto.com/stablecoin-market-breaks-records-with-new-all-time-high/" target="_blank" rel="noopener noreferrer nofollow">$173 billion sector</a>. USDC, issued by Circle, holds the second spot with a $36 billion market cap. Despite several companies attempting to challenge Tether’s dominance, none have come close to matching its market presence so far.
However, <a href="https://robinhood.com/eu/en/about/crypto/" target="_blank" rel="noopener noreferrer nofollow">Robinhood</a>, which currently allows trading of crypto assets like USDC, has clarified that while they are exploring the idea—official plans still need to be put in place.
<h3 class="wp-block-heading" id="h-growth-of-stablecoins-in-the-financial-sector">Growth of Stablecoins in the Financial Sector</h3>
Last year, PayPal entered the market with its PYUSD stablecoin. It quickly grew to a $700 million market cap, making it the fourth-largest stablecoin. Earlier in September, Ripple announced its own stablecoin, <a href="https://thenewscrypto.com/ripple-ceo-announces-launch-of-rlusd-in-a-few-weeks/" target="_blank" rel="noopener noreferrer nofollow">RLUSD</a>, which is expected to launch soon. This continues the trend of financial firms stepping into the stablecoin space.
Further, Bernstein’s recent analysis indicates that stablecoins are now playing a significant role in finance, with some of them holding a substantial portion of U.S. treasuries.
Experts suggest that new regulations in Europe, particularly the <a href="https://thenewscrypto.com/bank-of-italy-prepares-to-unveil-mica-regulation-application-guidelines/" target="_blank" rel="noopener noreferrer nofollow">upcoming MiCA</a> (Markets in Crypto-Assets) guidelines, could create more opportunities for stablecoin issuers. These rules take effect by the end of 2024. They are expected to streamline the stablecoin sector by providing clearer guidelines on licensing and reserve management. This could further boost the market in the region.
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Robinhood and Revolut Eye Stablecoin Launch Amid Market Growth

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