As a seasoned analyst with over two decades in the financial industry under my belt, I have seen countless players entering and exiting various market sectors. Given Robinhood’s recent denial of stablecoin plans and the already crowded nature of this market, it seems that the company is wise to tread carefully.
Popular commission-free trading app Robinhood has denied rumors about its stablecoin plans.
The public company has clarified that it has no intention to join this sector in the near future.
A week ago, it was reported by Bloomberg that Robinhood may be exploring entry into the market for stablecoins. The report was based on anonymous sources.
As more significant players are entering the scene, the market for stablecoins is growing more congested day by day.
In April, as an analyst following the cryptocurrency market closely, I reported on U.Today that Ripple unveiled their own stablecoin product. This innovative digital currency, known as RULSD, entered its beta testing phase towards the end of summer. Looking forward, it is anticipated that this stablecoin will become accessible to the public at large later in 2022.
This morning, a company based in San Francisco has alerted users about potential frauds relating to the RLUSD stablecoin. At present, these newly minted tokens are not accessible to the general public.
According to reports, the digital bank based in London, Revolut, plans to launch its own stablecoin. However, an official entry into the market has not been announced yet.
Indeed, the market for stablecoins is quite congested at the moment. Tether’s USDT stands out with a market capitalization of around $119.7 billion, while Circle’s USDC holds the sixth-largest position among all cryptocurrencies, boasting a market cap of approximately $35.7 billion, based on information from CoinGecko.
According to certain market analysts, including well-known broker Bernstein, it’s expected that the stablecoin market could potentially grow to around $3 trillion within the next five years.
Such tokens are increasingly gaining traction as a means of payment around the globe.
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2024-09-30 22:15