Robinhood Denies Rumors Of Launching Stablecoins, Main Focus Still On Trade Services

Robinhood denied rumors of launching Stablecoin (Photo; Doc. Decrypt)

JAKARTA - Robinhood, a popular trading app known for commission-free services, recently dismissed rumors about their stablecoin launch plans. In recent weeks, speculation over Robinhood's move to enter the stablecoin market is getting stronger, especially after reports from Bloomberg citing anonymous sources. However, the company immediately clarified that it had no intention of entering the stablecoin market in the near future. This statement comes amid the growing density of stablecoin markets with many major players who have plunged into it.

Last week, Bloomberg reported that Robinhood was considering plunging into the stablecoin market, citing unnamed sources. However, Robinhood's official statement immediately clarified that the information was not true and they are not planning to launch a stablecoin in the near future.

The stablecoin market itself is getting denser with the large number of big players who have plunged into it. Ripple, for example, introduced the RLUSD stablecoin last April and is currently still in the beta testing phase. In addition, the British neobank Revolut is also reportedly preparing their stablecoins, although there has been no official confirmation regarding its launch.

Stablecoins are indeed one of the increasingly crowded segments in the crypto industry. Tether (USDT) currently dominates the market with a capitalization of 119.7 billion US Dollars (Rp1.8 quadrillion), while Circles USDC is in sixth place with a market cap of 35.7 billion US Dollars (Rp542 trillion), according to data from CoinGecko.

Although many big players have dominated, some market observers such as well-known Bernstein brokers believe that the stablecoin market could grow to reach 3 trillion US Dollars (Rp45.6 quadrillion) in the next five years. Stablecoins are increasingly in demand as a means of payment, especially in emerging markets in various parts of the world.