Robinhood Lists Its First Stablecoin – USDC
A popular brokerage app spearheaded by Vlad Tenev that allows investing into both stocks and crypto, Robinhood, spreads the word that as of today, the second largest stablecoin by market capitalization, USD Coin (USDC), is available for trading and holding.
#USDC is now on Robinhood @circlepay #StableCoin #CryptoListinghttps://t.co/OL7fXLffHW pic.twitter.com/EUNLPpvGUu— Robinhood (@RobinhoodApp) September 20, 2022
On Sept. 1, the platform also listed Cardano’s native token, ADA. Earlier this year, it added Shiba Inu to its list of traded cryptocurrencies – something that the SHIB army had been waiting for for several months. Robinhood supports 17 cryptocurrencies in total – this list includes Bitcoin, Ethereum, Litecoin, ADA, Dogecoin, USDC and Solana. Thus, USDC has become the first stablecoin listed by this trading company. Its market cap at the time of writing sits at $50,129,072,992 and trading volume amounts to $4,783,327,515. Compared to USDT, the latter is more than 10 times less. However, Robinhood chose USDC rather than the controversial Tether. On June 27, the rumor was spread around about the FTX exchange and its founder, billionaire Sam Bankman-Fried, intended to buy Robinhood. HOOD soared roughly 18% on that bullish news. The news was reported by Bloomberg, saying that the acquisition was at an early stage and not yet confirmed by either party to the deal.
However, the following day, Bankman-Fried rejected these rumors, saying that neither a purchase of the whole company nor part of its stock had been planned. This caused a mild drop of Robnhood’s stock price.