Johann Kerbrat, vice president and general manager of Robinhood Crypto, dispelled rumors that the company was considering issuing its own stablecoin.

Johann Kerbrat, vice president and general manager of Robinhood Crypto, dispelled rumors that the company was considering issuing its own stablecoin.

“At the moment we have no short-term plans to launch a stablecoin,” Kerbrat saidpushing back against recent rumors that had gained ground following a Bloomberg report.

That report suggested that Robinhood and European fintech company Revolut were exploring ways to tap into the growing stablecoin market.

Although Revolut did not comment, sources close to the European neobank suggested that a stablecoin was indeed being “explored”, but no firm timeline or specific details had been set.

The stablecoin market, dominated by that of Tether USDTis valued at a market capitalization of $119 billion. Tether currently controls 68% of the entire $173.5 billion stablecoin market, already setting the bar high for all potential competitors.
In fact, Robinhood has made strategic moves into the crypto space, listing Circle shares. USDCthe second largest stablecoin with a market capitalization of $36.3 billion. For its part, Revolut recently expanded its suite of cryptocurrency services to include staking services for various tokens, including Ethereum.
Entering the stablecoin market isn’t exactly easy, even for the most established financial giants. Volume for PayPal PYUSDalthough it has one of the largest user bases of any financial company, sits at a modest offering of around $710 million.

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