Robinhood Crypto Vice President and General Manager Johann Kerbrat recently addressed rumors surrounding the potential launch of a stablecoin by the fintech giant.
In an interview with Decrypt on Sept. 30, Kerbrat clarified that there are no current plans within Robinhood to explore the development of a stablecoin.
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.”
These comments come in response to a recent report by Bloomberg News suggesting that both Robinhood and Revolut were considering launching their own stablecoins.
Despite the growing interest in stablecoins, Kerbrat emphasized that Robinhood is not currently looking to enter this space. He further added:
“It’s always interesting to see where people think we’re going to go next, but for now, that’s not part of our roadmap.”
Robinhood’s strategy regarding stablecoins has primarily involved partnerships, such as the listing of Circle’s USD Coin (USDC). On the other hand, while Revolut has expanded its crypto offerings, they have not confirmed any specific plans for a stablecoin launch.
According to reports, Revolut declined to provide a direct comment on the matter. However, a source familiar with the European fintech company mentioned that they are “exploring” the idea of introducing a stablecoin. Nonetheless, there is no definitive timeline or concrete plans for a stablecoin release at this moment.
TradFi and Stablecoins
The stablecoin market, dominated by Tether (USDT), plays a significant role in the overall crypto ecosystem. However, new entrants have faced challenges in gaining traction.
Major traditional financial institutions like PayPal and JPMorgan, along with prominent crypto exchanges like Binance, have struggled to compete with the dominance of USDT and USDC.
In August 2023, PayPal introduced its own stablecoin, PYUSD, with the goal of facilitating seamless payments and transfers among users. Despite PayPal’s extensive user base, the stablecoin has encountered difficulties in establishing a strong presence in a market primarily controlled by crypto-native entities.
Despite the obstacles, speculation persists regarding traditional finance companies seeking to capitalize on the increasing demand for stable digital currencies, with Societe Generale being the latest contender to enter the arena.
Mentioned in this article