Robinhood Crypto Vice President and Common Supervisor Johann Kerbrat put an finish to latest rumors that the fintech large has plans to launch its personal stablecoin.
Kerbrat instructed Decrypt in an interview on Sept. 30 that Robinhood has no energetic plans to discover the event of a stablecoin.
Kerbrat mentioned:
“At this level, we don’t have any instant plan to launch a stablecoin. The rumors are all the time fascinating, however we haven’t actually frolicked on it.”
His feedback come after a latest Bloomberg Information report claimed Robinhood and Revolut had been trying to launch a stablecoin.
Regardless of rising curiosity in stablecoins, Kerbrat emphasised that Robinhood has no imminent plans to enter this area. He added:
“It’s all the time fascinating to see the place individuals suppose we’re going to go subsequent, however for now, that’s not a part of our roadmap.”
Robinhood’s strategy to stablecoins has largely been by partnerships, together with the itemizing of Circle’s USD Coin (USDC). In the meantime, Revolut has expanded its crypto choices however has not confirmed any particular plans for a stablecoin launch.
Based on the report, Revolut declined to remark instantly on the matter. Nonetheless, a supply conversant in the European fintech firm mentioned the agency was “exploring” the concept of launching a stablecoin. Nonetheless, no clear timeline or concrete plans for a stablecoin launch have been finalized at this level.
TradFi and stablecoins
The stablecoin market, led by Tether (USDT), holds a big share of the general crypto panorama, however new entrants have confronted hurdles.
Main conventional monetary corporations like PayPal and JPMorgan, in addition to crypto giants like Binance, have didn’t 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 realize important traction in a market dominated by crypto-native gamers.
Regardless of the challenges, hypothesis continues to swirl about TradFi firms trying to capitalize on the rising demand for steady digital currencies, with Societe Generale being the newest to enter the area.