Fintech Firms Robinhood, Revolut Eye $173B Stablecoin Market: Report

CryptoNews.com

2024-09-26 23:36:45

Revolut Robinhood Stablecoin

Tether dominates more than two-thirds of the stablecoin market. Last updated:

September 27, 2024 03:36 EDT

Author

Sujha Sundararajan

Author

Sujha Sundararajan

About Author

Sujha has been recognised as 🟣 Women In Crypto 2024 🟣 by BeInCrypto for her leadership in crypto journalism.

Author Profile

Copied

Last updated:

September 27, 2024 03:36 EDT

Why Trust Cryptonews With over a decade of crypto coverage, Cryptonews delivers authoritative insights you can rely on. Our veteran team of journalists and analysts combines in-depth market knowledge with hands-on testing of blockchain technologies. We maintain strict editorial standards, ensuring factual accuracy and impartial reporting on both established cryptocurrencies and emerging projects. Our longstanding presence in the industry and commitment to quality journalism make Cryptonews a trusted source in the dynamic world of digital assets. Read more about Cryptonews Leading fintech firms Robinhood Markets and Revolut are reportedly seeking to enter the $173 billion stablecoin market, Bloomberg reported. Both companies are considering issuing their own stablecoins but haven’t confirmed the move.

Sources close to the matter told Bloomberg that Robinhood and Revolut could “still opt not to proceed” from launching stablecoins.

The move comes as the European Union edges closer to fully enacting its Markets in Crypto-Assets (MiCA) regulations this year.

The move aims to loosen Tether’s grip on the rapidly moving stablecoin sector. Bloomberg report noted that the business model is encouraging more players to enter the market.

Tether (USDT) circulation has grown to almost $120 billion, dominating more than two-thirds of the stablecoin market, the report added. Per DefiLlama, Tether accounts for 69.14% of stablecoin dominance.

In July, Tether reported a record-breaking $5.2 million profit in first half of 2024. Further, the stablecoin’s US Treasury portfolio is worth approximately $97.6 billion.

Further, Paolo Ardoino, CEO of Tether, recently raised concerns that the MiCA regulation poses a ic risk to stablecoins and the broader banking . He told the publication that the company is working on a “technology-based solution” to serve the EU market.

Robinhood, Revolut Haven’t Confirmed Stablecoin Move

Although sources note that both fintech giants Robinhood and Revolut might explore stablecoins, a Robinhood spokesperson said it has “no imminent plans to launch this offering.”

On the other hand, a Revolut utive said that the firm is planning to “further grow” its crypto product suite. The fintech firm is reportedly uating options to release a stablecoin but has yet to make any announcements.

As reported in July, Robinhood is exploring the possibility of cryptocurrency futures trading in the US and Europe. The platform said that it would introduce futures trading “in the coming months.”

However, a spokesperson from Robinhood said that the company has no immediate plans for such offerings.

This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.