Robinhood Lists First Stablecoin in Circle’s USDC to Expand Offerings

Popular stock trading app Robinhood has listed Circle’s USD Coin (USDC), the first stablecoin available to retail traders on its platform. While Robinhood is yet to issue a full statement on the addition of USDC to its roster of tradeable assets, a tweet does clarify that USDC will be available for transfer via both Polygon and Ethereum on the platform starting on September 21. It is worth noting that although USDC is the first stablecoin that Robinhood will support as a tradable asset, the company also provides real-time data for two other stablecoins — Tether aka USDT and DAI.

Robinhood first opened the door to trading crypto on its platform in 2018 and has over time been steadily adding tokens. Currently, there are 17 different cryptocurrencies users can trade using Robinhood’s app with the addition of USDC.

The move shows more bolstering growth for Circle’s USDC, which has sought out the number one spot over Tether’s USDT – the longtime dominant stablecoin. The narrative has been driven by an ideology that Tether’s account management is less transparent and straightforward than USD Coins.

Robinhood, meanwhile, has been on a bit of an expansion spree in terms of its portfolio. The platform began listing Cardano’s native cryptocurrency, ADA, on September 1 while Shiba Inu was also added earlier this year, something the SHIB army had been anticipating for some time. The crypto investing app also announced support for transferring MATIC on the Polygon network on top of the Ethereum network on August 31.

In a recent earnings call, CEO Vlad Tenev said that the company is working on expanding its crypto listings, noting that “customers tell us they want us to introduce more coins.” That said, Robinhood is yet to declare a stablecoins strategy and it is not yet known if the crypto exchange will add more stablecoins in the near future.

It is also worth recalling that despite its growing support for cryptocurrency, the company is also downsizing. It laid off a significant portion of its staff this summer due to a downturn in the crypto market.

Related Posts

3 Body Problem Netflix Release Set for 2023. Here’s a Behind-the-Scenes Peek From Tudum 2022

3 Body Problem is coming to Netflix in 2023. At its online-only event Tudum 2022, the world’s biggest subscription-based video streaming service revealed that its live-action adaptation…

The Witcher: Blood Origin Sets December 25 Release Date at Netflix Tudum 2022

The Witcher: Blood Origin just got a release date. At its online-only event Tudum 2022, Netflix revealed that the much-anticipated The Witcher prequel series will drop on…

The Witcher Season 3 Netflix Release Set for Summer 2023, Teaser Art Revealed — Tudum 2022

The Witcher season 3 is slated to release in the summer of 2023. At its online-only event Tudum 2022, Netflix dropped a teaser art for the Henry…

Enola Holmes 2 Trailer: Millie Bobby Brown Heads Her First Official Case at Tudum 2022

Enola Holmes 2 trailer is here. On Saturday, at its online-only event Tudum 2022, Netflix unveiled the first trailer for the Millie Bobby Brown-led mystery sequel, ahead of…

Heart of Stone Trailer: Alia Bhatt, Gal Gadot Tease Their Netflix Action Thriller at Tudum 2022

Heart of Stone first look is here. At its online-only event Tudum 2022, Netflix unveiled the first teaser trailer for the Gal Gadot-led action spy thriller movie,…

The Crown Season 5 Release Date Set for November 9 on Netflix — Tudum 2022

The Crown season 5 now has a release date: November 9. At its online-only event Tudum 2022, Netflix announced that the fifth season of its period drama…