Robinhood Crypto Vice President and General Manager Johann Kerbrat denied recent rumors about the fintech giant launching its own stablecoin in an interview with Decrypt on Sept. 30.
Kerbrat clarified that Robinhood currently has no plans to develop a stablecoin, despite speculations in the market.
Kerbrat stated:
“At this point, we don’t have any immediate plan to launch a stablecoin. The rumors are always interesting, but we haven’t really spent time on it.”
Recent reports suggested that Robinhood and Revolut were considering entering the stablecoin space, but Kerbrat emphasized that Robinhood is not currently exploring this avenue.
Robinhood’s strategy towards stablecoins has been primarily through partnerships, such as listing Circle’s USD Coin (USDC). Revolut, on the other hand, has expanded its crypto offerings but has not confirmed any plans for a stablecoin launch.
TradFi and the Future of Stablecoins
The stablecoin market, dominated by Tether (USDT), continues to face challenges with new entrants struggling to compete.
Despite efforts from major traditional financial institutions like PayPal and JPMorgan, as well as prominent crypto exchanges like Binance, Tether and USDC remain dominant in the space.
In August 2023, PayPal introduced PYUSD, its own stablecoin aimed at facilitating seamless transactions among users. However, PYUSD has faced difficulties gaining traction in a market driven by crypto-native players.
Despite these challenges, speculation persists about traditional finance companies venturing into stablecoins to meet the increasing demand for digital currencies. Societe Generale is among the latest to show interest in this space.
