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Home » Robinhood VP Denies Plans to Launch Stablecoin in Near Future
Market Rumors

Robinhood VP Denies Plans to Launch Stablecoin in Near Future

3 Mins Read
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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.

This article contains links to third party websites or other content for informational purposes only (“Third Party Sites”). Third Party Sites are not under the control of CoinMarketCap, and CoinMarketCap is not responsible for the contents of any Third Party Site, including without limitation any link contained in a Third Party Site, or any changes or updates thereto. ‘a third party site. Party site. CoinMarketCap is providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement, approval or recommendation by CoinMarketCap of the site or any association with its operators. This article is intended to be used and should be used for informational purposes only. It is important to do your own research and analysis before making any important decisions related to any of the products or services described. This article does not constitute and should not be construed as financial advice. The views and opinions expressed in this article are those of the author (company) and do not necessarily reflect those of CoinMarketCap.

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