Robinhood and Revolut Consider Launching Their Own Stablecoins

Joshua Ramos
Robinhood's Crypto Trading Takes a Major Hit: May Volume Falls 68% to $2.1B
Source: Tom’s Guide

With the dominance of the sector being well documented, both Robinhood and Revolut are reportedly considering the launch of their very own stablecoins. According to a Bloomberg report, the two companies are exploring entering the $170 billion market with their own offerings.

The company would join several other prominent firms who have entered the space in the last year. PayPal was among the highest profile, launching its PYUSD in late 2023. Ripple followed suit this year, announcing its RLUSD stablecoin that is expected to launch at some point this year.

Source: Bloomberg

Also Read: Bitcoin: Stablecoins Coming to BTC Network Via Lightning Labs

Revolut and Robinhood Stablecoins May be On the Way as the Market Could Surge

With the crypto market taking a step forward this year, traditional finance firms are increasing their exposure to the asset class. This has meant new companies looking at a point of entry. Now, a new report has two companies considering the launch of their very own tokens.

Bloomberg reports that both Robinhood and Revolut are considering the launch of their very own stablecoins. Indeed, both firms are looking to take some of the $170 billion market. Specifically, they predict Tether’s USDT to finally heed some ground to competitors. The leading stablecoin currenlty dominates 75% of the market, with a $119 billion market cap.

Federal Reserve Says Stablecoins Could Become a Source of Financial Instability
Source: AltFi

Also Read: BNB Chain Announces New Gasless Stablecoin Transfers

The report notes that the two prominent fintech firms “have both been kicking the tires on issuing their own stablecoins, but the firms could still opt not to proceed.” Moreover, they expect “stricter regulations in Europe and elsewhere,” to be a more attractive environment for a launch.

Earlier this year, Bernstein reported that stablecoins became the 18th largest holder of US treasuries. Moreover, they state that the fiat-backed crypto has become “systematically important,” to finance.

Furthermore, they note the class has “decoupled from crypto, and is increasingly being held for non-crypto use cases.” That further solidifies the potential that Rbonihood and Revoltu could tap into, should they launch their own offering.