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Bloomberg reports that fintech behemoth Robinhood is considering a possible stablecoin. Following companies like PayPal, which unveiled a U.S. dollar-denominated token last summer, the launch would make it the newest traditional finance company to enter the profitable stablecoin market.
Still, a Robinhood spokesman claimed there are “no imminent plans” to create a stablecoin, even if the potential is not disputed. On its platform, Robinhood now provides trading in a range of digital assets, including the USDC stablecoin developed by Circle.
Bloomberg also mentioned that Revolut, a U.K.-based company, is thinking about introducing stablecoins. The crypto-friendly neo-ban debuted a retail wealth management tool last week that will let traders of cryptocurrency mix with other asset classes. A Revolut spokesman said the business intends to “further grow” its crypto products without specifically referencing a stablecoin.
One developing area of interest for financial organizations is stablecoins. Mostly from interest generated on USDT’s supporting assets, Tether, the biggest stablecoin issuer, posted $6.2 billion in net operating earnings in 2023. PayPal’s PYUSD stablecoin, which debuted in August of last year, now boasts a $700 million market capitalization, ranking fourth among all the stablecoins available.
Certain experts believe stablecoin activity in the European Union will increase with the approaching MiCA rules. Set to enter full effect at the end of 2024, the laws provide particular guidelines for stablecoin issuers, including licensing agreements and tight restrictions for reserve holding management.
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