Robinhood Lists USDC, It’s First Stablecoin
21 September 2022 - 2:48AM
NEWSBTC
Robinhood hasn’t been shy about it’s desire to be a player in
crypto. The platform has had a few years of ups and downs as it’s
navigated it’s crypto offerings. This week, however, the platform
secured a win on the crypto front by listing it’s first stablecoin,
USDC. What We Know The news first came straight from the horses
mouth, as Robinhood’s Twitter posted a tweet this morning sharing
the news. The token is Robinhood’s 17th supported crypto, and third
largest in market cap behind blue chips Bitcoin and Ethereum. It’s
the latest token addition since adding Cardano (ADA) at the
beginning of the month. It is a growing list of crypto tokens for
Robinhood, who also added Polygon in recent weeks. Additionally,
the move shows more bolstering growth for Circle’s USDC, which has
sought out the number one spot over Tether’s USDT – the longtime
dominant stablecoin. The narrative has been driven by an ideology
that Tether’s account management is less transparent and
straightforward than USDCs. Robinhood (HOOD) has had a challenging
year on the NASDAQ. | Source: NASDAQ: HOOD on TradingView.com
Related Reading: Ripple (XRP) Adds Over 20% In A Week While Others
Plunge Heavily The Stablecoin Battle In recent months, the good
folks over at Arcane Research put together future growth
projections based on USDC’s momentum this year, which shows USDC
overtaking USDT’s number one spot as early as mid-October. The
projected gap for today’s number is likely a bit closer than what
we’ve seen in reality, however, signaling that a USDC takeover for
the top spot could take another 4-6 months. That’s been exacerbated
by USDC whale holdings percentage hitting a two-year low in recent
weeks. As our team cited, that movement has been driven by broader
market movement, as well as U.S. sanctions on Tornado Cash.
Exchange deposits have been substantially low for USDC as well, but
mean transaction volumes are still flying high in recent months.
Tornado Cash and other external factors, such as threats of U.S.
legislation on stablecoins and other crypto, have led to more
negative sentiment around stables than positive. Robinhood’s
adoption of USDC could help spur the growth in catching up with
USDT’s lead. However, it remains to be seen how the more casual
investor that typically frequents Robinhood will fare with a
stablecoin asset, particularly one that doesn’t generate any
interest. Related Reading: ApeCoin (APE) Sees Higher Prices Even In
Bearish Market Conditions Featured image from Pixabay, Charts from
TradingView.com The writer of this content is not associated or
affiliated with any of the parties mentioned in this article. This
is not financial advice. This op-ed represents the views of the
author, and may not necessarily reflect the views of Bitcoinist.
Bitcoinist is an advocate of creative and financial freedom alike.
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