Robinhood Markets and Revolut reportedly did not make their stance clear when asked about media reports that they are considering issuing a stablecoin.
Asked about the Bloomberg report, a Robinhood spokesperson said the company has “no imminent plans to launch this service,” while a Revolt spokesperson said the stablecoin story Without confirmation, it said it plans to “further grow” its suite of crypto products. , Bloomberg reported on Thursday (September 26).
In the same report, Bloomberg said unnamed sources said Robinhood and Revolt are considering issuing their own stablecoins.
The report added that Robinhood and Revolt are considering the idea of issuing their own stablecoins, but could also choose not to issue them.
The report said the companies’ moves were driven by expectations that regulatory changes in Europe and elsewhere would expand opportunities in the digital asset space.
Tether, whose USDT accounts for more than two-thirds of the stablecoin market in terms of circulating value, does not have the proper permissions to meet European Union crypto rules known as MiCA, which are expected to be adopted at the end of the year. , according to the report.
These rules could force crypto exchanges operating within the EU to delist stablecoins from issuers that do not have the appropriate permissions, the report said.
Tether CEO Paolo Ardoino said in a report that the company is working on a solution to serve the EU market.
Circle Internet Financial, whose USDC is second only to Tether’s USDT in terms of market share, has obtained the necessary EU license, according to the report.
Stablecoins have gained momentum in recent years, largely because they solve one of the biggest problems with cryptocurrencies: volatility.
Stablecoins are designed to maintain stable value, as digital currencies are pegged to traditional fiat currencies such as the US dollar. It also reduces transaction costs and settlement times by bypassing traditional banking systems and intermediaries.
When blockchain/cryptocurrency company Ripple announced plans to launch a dollar-pegged stablecoin in April, it said its solution would bridge the gap between traditional finance and cryptocurrencies.
