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Crypto-Friendly Robinhood Reportedly Considering Issuing A Native Stablecoin ⋆ ZyCrypto
The post Crypto-Friendly Robinhood Reportedly Considering Issuing A Native Stablecoin ⋆ ZyCrypto appeared on BitcoinEthereumNews.com. Advertisement     Stablecoins are already big business. Investors and traders worldwide hold over $155 billion worth of Tether’s USDT, Circle’s USDC, and other U.S. dollar-pegged tokens, and the volumes keep growing. Now, crypto-friendly stock trading platform Robinhood is said to be joining the likes of Ripple and Revolut with its stablecoin. Robinhood Eyes Foray Into The Stablecoin Market According to a Sept. 26 report from Bloomberg citing anonymous sources, Robinhood is considering launching a stablecoin as part of its expanding crypto product suite. Without refuting the possibility, a Robinhood representative reportedly indicated there are “no imminent plans” to release a stablecoin. The company currently allows trading in multiple digital assets on its app, including Circle’s USDC. Bloomberg also reported Thursday that UK fintech giant Revolut is eyeing entering the stablecoin arena, which ZyCrypto recently covered. A spokesperson for Revolut said the company intends to “further grow” its crypto offerings, although they did not specify whether a stablecoin would be part of those plans. Advertisement   The highly lucrative stablecoin industry, dominated by Tether’s USDT with a market value of around $119.3 billion, has witnessed an increasing crop of new entrants. Last year, payments behemoth PayPal began issuing a stablecoin, with blockchain firms Ripple seeking to join in the coming weeks, and BitGo recently announced a planned launch at Token2049 in Singapore. Upcoming MiCA Regulation To Reshape Stablecoin Landscape The European Union’s forthcoming Market in Crypto Assets (MiCA) Regulations, the world’s first comprehensive legal framework for crypto-assets, could have significant implications for the stablecoin sector. Set to take full effect on December 30, 2024, MiCA will apply stricter rules for stablecoins, requiring stablecoin issuers to acquire electronic money licenses and implement legally binding stabilization mechanisms to guarantee adequate backing with good liquidity to inculcate customer confidence. Stablecoins will also be…
The post Crypto-Friendly Robinhood Reportedly Considering Issuing A Native Stablecoin ⋆ ZyCrypto appeared on BitcoinEthereumNews.com.
Advertisement Stablecoins are already big business. Investors and traders worldwide hold over $155 billion worth of Tether’s USDT, Circle’s USDC, and other U.S. dollar-pegged tokens, and the volumes keep growing. Now, crypto-friendly stock trading platform Robinhood is said to be joining the likes of Ripple and Revolut with its stablecoin. Robinhood Eyes Foray Into The Stablecoin Market According to a Sept. 26 report from Bloomberg citing anonymous sources, Robinhood is considering launching a stablecoin as part of its expanding crypto product suite. Without refuting the possibility, a Robinhood representative reportedly indicated there are “no imminent plans” to release a stablecoin. The company currently allows trading in multiple digital assets on its app, including Circle’s USDC. Bloomberg also reported Thursday that UK fintech giant Revolut is eyeing entering the stablecoin arena, which ZyCrypto recently covered. A spokesperson for Revolut said the company intends to “further grow” its crypto offerings, although they did not specify whether a stablecoin would be part of those plans. Advertisement The highly lucrative stablecoin industry, dominated by Tether’s USDT with a market value of around $119.3 billion, has witnessed an increasing crop of new entrants. Last year, payments behemoth PayPal began issuing a stablecoin, with blockchain firms Ripple seeking to join in the coming weeks, and BitGo recently announced a planned launch at Token2049 in Singapore. Upcoming MiCA Regulation To Reshape Stablecoin Landscape The European Union’s forthcoming Market in Crypto Assets (MiCA) Regulations, the world’s first comprehensive legal framework for crypto-assets, could have significant implications for the stablecoin sector. Set to take full effect on December 30, 2024, MiCA will apply stricter rules for stablecoins, requiring stablecoin issuers to acquire electronic money licenses and implement legally binding stabilization mechanisms to guarantee adequate backing with good liquidity to inculcate customer confidence. Stablecoins will also be…
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