Robinhood Lists USDC as First Stablecoin on Trading Platform
Robinhood has announced that it will be adding the industry’s second-largest stablecoin as part of its crypto push.
By Staff
The popular stock trading app Robinhood listed Circle’s USD Coin (USDC) yesterday. This is the first stablecoin available to retail traders on its platform.
Robinhood first opened the door to trading crypto on its platform in 2018. Over time, it’s been steadily adding tokens. As of this writing, there are currently 17 different cryptocurrencies users can trade using Robinhood’s app with the addition of USDC.
The action denotes that Robinhood’s business model would increasingly place an emphasis on cryptocurrency trading.
During its latest earnings conference, Robinhood’s head of investor relations Chris Koegel identified crypto trading as one of three main focuses for the business, along with brokerage and money services.
He said, “Our vision with crypto is to be the most trusted platform for customers to invest in crypto as well as the most trusted on-ramp to the decentralized web. Customers tell us that they want us to introduce more coins onto the platform.”
However, it is unclear how adding Circle’s stablecoin, which has a price that’s pegged to the value of the dollar, could conflict with Robinhood’s reliance on payment for order flow to make money.
Robinhood now supports 17 cryptocurrencies, and that is likely to expand more in the near future. The USDC market cap at the time of writing sits at $50,149,768,741 and trading volume amounts to $4,783,327,515, according to CoinMarketCap.
Robinhood has yet to announce a plan for Stablecoins. It’s also uncertain whether they’ll add any more in the near future to their exchange. Due to the state of the market, the website is probably approaching additional coins with care.
