In the ever-evolving world of fintech, Robinhood Markets Inc. and Revolut Ltd. are reportedly eyeing the launch of their own stablecoins, according to a recent Bloomberg report.
This potential move would place them alongside heavyweights like PayPal, which made waves last year with its PYUSD stablecoin. The stablecoin arena is heating up, with Tether’s USDT reigning supreme, boasting a staggering market cap of nearly $120 billion—over two-thirds of the entire $173 billion sector.
USDC, from Circle, holds the runner-up position with a respectable $36 billion. Despite various challengers attempting to dethrone Tether, none have come close to matching its formidable presence.
Robinhood, which currently facilitates trading in crypto assets like USDC, has made it clear that while they are considering the stablecoin route, they still have some groundwork to cover before any official plans are set in stone.
The landscape is shifting, and the growth of stablecoins in the financial sector is undeniable. PayPal’s swift rise to a $700 million market cap with PYUSD has solidified its status as the fourth-largest stablecoin. Meanwhile, Ripple is gearing up to launch its own stablecoin, RLUSD, further fueling the trend of financial firms diving into this space.
Recent analyses from Bernstein highlight the increasing significance of stablecoins in finance, with some even holding a noteworthy share of U.S. treasuries. As the regulatory landscape evolves, particularly with the upcoming MiCA.
