Johann Kerbrat, vice president and general manager of Robinhood Crypto, shut down recent rumors that the fintech giant was considering launching its own stablecoin.
Kerbrat told Decrypt in an interview on September 30 that Robinhood has no active plans to explore the development of a stablecoin.
Kerbrat said:
“At this point, we have no immediate plans to launch a stablecoin. Rumors are always interesting, but we haven’t really spent any time on them.
His comments follow a recent report from Bloomberg News claiming that Robinhood and Revolut were looking to launch a stablecoin.
Despite the growing interest in stablecoins, Kerbrat stressed that Robinhood has no imminent plans to enter this space. He added:
“It’s always interesting to see where people think we’re going next, but right now it’s not part of our roadmap.”
Robinhood’s approach to stablecoins relies heavily on partnerships, including the listing of Circle’s USD Coin (USDC). Meanwhile, Revolut has expanded its crypto offerings but has not confirmed any specific plans for launching stablecoins.
According to the report, Revolut declined to comment directly on the matter. However, a source close to the European fintech company said the company was “exploring” the idea of launching a stablecoin. However, no clear timeline or concrete plans for a stablecoin release have been finalized at this point.
TradFi and stablecoins
The stablecoin market, led by Tether (USDT), holds a significant share of the overall crypto landscape, but new entrants have faced obstacles.
Large traditional financial companies like PayPal and JPMorgan, as well as crypto giants like Binance, have failed to challenge the dominance of USDT and USDC.
In August 2023, PayPal introduced its own stablecoin, PYUSD, aimed at facilitating seamless payments and transfers between users. Despite PayPal’s large user base, the stablecoin has struggled to gain ground in a market dominated by crypto-native players.
Despite the challenges, speculation continues to swirl about TradFi companies looking to capitalize on the growing demand for stable digital currencies, with Société Générale being the main supplier. last to enter space.