Robinhood Lists USDC, It is First Stablecoin

Robinhood hasn’t been shy about it’s want to be a participant in crypto. The platform has had a number of years of ups and downs because it’s navigated it’s crypto choices. This week, nevertheless, the platform secured a win on the crypto entrance by itemizing it’s first stablecoin, USDC.

What We Know

The information first got here straight from the horses mouth, as Robinhood’s Twitter posted a tweet this morning sharing the information. The token is Robinhood’s seventeenth supported crypto, and third largest in market cap behind blue chips Bitcoin and Ethereum. It’s the newest token addition since including Cardano (ADA) at the start of the month. It’s a rising checklist of crypto tokens for Robinhood, who additionally added Polygon in latest weeks.

Moreover, the transfer reveals extra bolstering progress for Circle’s USDC, which has sought out the primary spot over Tether’s USDT – the longtime dominant stablecoin. The narrative has been pushed by an ideology that Tether’s account administration is much less clear and simple than USDCs.

Robinhood (HOOD) has had a difficult yr on the NASDAQ. | Supply: NASDAQ: HOOD on TradingView.com

The Stablecoin Battle

In latest months, the great of us over at Arcane Analysis put collectively future progress projections primarily based on USDC’s momentum this yr, which reveals USDC overtaking USDT’s primary spot as early as mid-October. The projected hole for in the present day’s quantity is probably going a bit nearer than what we’ve seen in actuality, nevertheless, signaling {that a} USDC takeover for the highest spot may take one other 4-6 months. That’s been exacerbated by USDC whale holdings share hitting a two-year low in latest weeks.

As our group cited, that motion has been pushed by broader market motion, in addition to U.S. sanctions on Twister Money. Change deposits have been considerably low for USDC as properly, however imply transaction volumes are nonetheless flying excessive in latest months. Twister Money and different exterior components, equivalent to threats of U.S. laws on stablecoins and different crypto, have led to extra unfavourable sentiment round stables than constructive.

Robinhood’s adoption of USDC may assist spur the expansion in catching up with USDT’s lead. Nonetheless, it stays to be seen how the extra informal investor that sometimes frequents Robinhood will fare with a stablecoin asset, significantly one which doesn’t generate any curiosity.

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