Robinhood lists USDC as first stablecoin

  • Robinhood would add the second largest stablecoin in the industry
  • USDC price at the time of writing – $1.00
  • USDC Market Cap – $50,046,341,208

Popular exchange application Robinhood recently tracked Circle’s USD Coin (USDC), the first stablecoin available to retail traders on its platform.fisc

Robinhood originally paved the way for crypto exchanges when it was founded in 2018. In the long term, itis has consistently added tokens. As of this composition, there are currently 17 different digital currencies that customers can exchange using the application of Robinhood with the extension of USDC.

The move shows an expanded spotlight on crypto exchanges as part of Robinhood’s plan of action

Currently, 17 different cryptocurrencies can be traded with the Robinhood app

Robinhood’s Head of Financial Backer Relations, Chris Koegel, acknowledged crypto exchanges as one of the top three areas of focus for the business alongside financial and cash management at his most recent earnings meeting.

In any case, it’s hazy how adding Circle’s stablecoin, which has a value locked to the value of the dollar, might struggle with Robinhood’s reliance on installment payments for demand flow to bring in cash.

The organization makes a larger portion of its income by making inquiries to showcase producers like Bastion Protections, which Robinhood pays for data on upcoming exchanges from individuals.

According to the most recent 10-Q filing with the SEC, 68% of the organization’s revenue comes from request flow installments. The training has been criticized by certain lawmakers, including SEC Administrator Gary Gensler, as potentially inappropriate for retailers because of irreconcilable situations between market creators and financiers.

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USD Coin is currently one of the largest stablecoins by market cap

In any case, the plan of action allows Robinhood to offer funders who use their foundation commission-free exchanges, which many see as a benefit. However, this comes at the expense of fractions of a penny collected from every exchange retailers make.

The organization earned $420 million from query flow installments over the past two fiscal quarters, of which $112 million came from customers exchanging crypto, according to Robinhood’s SEC filing.

That’s more than it’s gotten from individuals who exchanged values ​​on its $65 million foundation, but not exactly those who exchanged $240 million in decisions.

USD Coin is currently one of the largest stablecoins by market cap with a total value of $50.1 billion, according to CoinGecko. Over the long term, the cost has fluctuated somewhat, peaking at $1.01 and bottoming at $0.995 over the course of the last week.

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