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

What We Know

The inside track first got here directly from the horses mouth, as Robinhood’s Twitter posted a tweet this morning sharing the scoop. The token is Robinhood’s seventeenth supported crypto, and 3rd biggest in marketplace cap at the back of blue chips Bitcoin and Ethereum. It’s the newest token addition since including Cardano (ADA) firstly of the month. This can be a rising listing of crypto tokens for Robinhood, who additionally added Polygon in fresh weeks.

Moreover, the transfer displays extra bolstering expansion for Circle’s USDC, which has sought out the #1 spot over Tether’s USDT – the longtime dominant stablecoin. The narrative has been pushed via an ideology that Tether’s account control is much less clear and easy than USDCs.

Robinhood (HOOD) has had a difficult 12 months at the NASDAQ. | Supply: NASDAQ: HOOD on TradingView.com

The Stablecoin Struggle

In fresh months, the great other people over at Arcane Analysis put in combination long run expansion projections in accordance with USDC’s momentum this 12 months, which displays USDC overtaking USDT’s primary spot as early as mid-October. The projected hole for as of late’s quantity is most probably a bit of nearer than what we’ve observed in truth, on the other hand, signaling {that a} USDC takeover for the highest spot may take any other 4-6 months. That’s been exacerbated via USDC whale holdings share hitting a two-year low in fresh weeks.

As our staff cited, that motion has been pushed via broader marketplace motion, in addition to U.S. sanctions on Twister Money. Trade deposits had been considerably low for USDC as smartly, however imply transaction volumes are nonetheless flying prime in fresh months. Twister Money and different exterior elements, corresponding to threats of U.S. regulation on stablecoins and different crypto, have resulted in extra damaging sentiment round stables than certain.

Robinhood’s adoption of USDC may assist spur the expansion in catching up with USDT’s lead. Alternatively, it continues to be observed how the extra informal investor that usually frequents Robinhood will fare with a stablecoin asset, in particular person who doesn’t generate any pastime.

Featured symbol from Pixabay, Charts from TradingView.com
The author of this content material isn't related or affiliated with any of the events discussed on this article. This isn't monetary recommendation.
This op-ed represents the perspectives of the writer, and won't essentially mirror the perspectives of Bitcoinist. Bitcoinist is an recommend of inventive and fiscal freedom alike.



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