Robinhood, Revolut are Considering Launching Stablecoins: Bloomberg Report

TL;DR

• Fintech giants Robinhood and Revolut are currently considering launching stablecoins. 

• The stablecoin market is worth over $170 billion.

Robinhood and Revolut Could Launch Stablecoins

Fintech giants Robinhood and Revolut are considering the potential of entering the $170 billion stablecoin market. This is according to a Bloomberg report. By launching stablecoins, Robinhood and Revolut will join another fintech giant, PayPal, which launched its U.S. dollar-denominated token last summer.

Robinhood is one of the leading fintech companies in the crypto ecosystem, as it currently offers trading in various digital assets on its platform, including the USDC stablecoin. 

CoinDesk reported a week ago that London-based fintech platform Revolut is also working on its stablecoin. Revolut’s stablecoin will not be available to users in the United States. 

Tether remains the most dominant stablecoin, with a market cap of nearly $119 billion, accounting for more than two-thirds of the market. In second place is Circle’s USDC, with a $36 billion market cap.

According to Bloomberg, the incoming MiCA guidelines in the European Union could pose a challenge for Tether. Under the MiCA guidelines, crypto exchanges operating in the EU may be forced to delist stablecoins from issuers like Tether (USDT) who lack the appropriate permits.

USDC doesn’t share the same problem as Circle has already obtained the required EU license. However, Tether is already working on a technology-based solution to serve the EU market ahead of the MiCA implementation.