Robinhood Seeking Crypto Stability: Trading Giant Lists USDC

A stablecoin at the bottom of the pocket – Traditional finance never stops making foot calls to cryptocurrency. The app robinhood is the perfect example. Known for specializing in smartphone stock brokerage, the Californian company is increasingly offering cryptocurrencies available for purchase on its platform. It has just announced the listing of its first stablecoin: theUSDC issued by Circle. And this choice is far from innocent knowing that many other stablecoins are available on the market. We take stock.

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Robinhood adds USDC to its list of cryptocurrencies

Remember Robinhood and the Gamestop affair? Nope ? Little reminder here. It was on this occasion that many Europeans discovered this application. A real star among American millennials who use it to ” to trade from their smartphone. Probably to stay in tune with their core target, the company has developed more and more services around crypto Over the month. The application first offered the largest capitalizations like Bitcoin or Ethereum. Then, little by little, she expanded her offer.

At the beginning of the summer, it was the ADA from Cardano that was accepted. Then, a few weeks ago, Polygon’s MATIC was announced by the broker. On September 20, it was via a tweet that the Robinhood teams unveiled the latest novelty – and not least – with the arrival of the first stablecoin. In this case, it is theUSDC from Circle which becomes the 17th cryptocurrency available on the application.

The announcement of the arrival of the stablecoin USDC on Robinhood – Source: Twitter

Tether vs. Circle, USDT vs. USDC

The choice of USDC over USDT from Tether or even BUSD from Binance is only anecdotal. He reports to a strategic calculation and economic determined by recent dynamics. Indeed, following theTornado Cash deal, Circle and Tether reacted differently. While the first froze about 75,000 tokensTether refused to submit to the – controversial – decisions of the Office of Foreign Assets Control (OFAC).

And this decision initially benefited the USDT which recorded an increase in its capitalization, but this movement seems to be slowing down, for several reasons. The teams ofArcane Research even published a graph with the projection of the capitalization of these two cryptos in the coming months. And according to them, it is the USDC that should back off.

Knowing which stablecoin will reign on the market in the coming months is guesswork! But with scientific methods and their experience in the field, the Arcane Research teams managed to determine that the USDC could gain an ascendancy over the USDT. To be continued...
Comparative projection of future growth of USDC and USDT – Source: Arcane Research

The idea that the USDC would be more ” transparent that USDT and regulation will become more prominent in the crypto market has caught on among observers. Robinhood executives bet that USDC would be more “ easy to regulate ». So they decided to offer it to their users. Especially since Tether regularly clashes with US authorities. Which brings its share of dramatic announcements on social networks every time! But the ” ranged war that the giants of the stablecoin industry are engaged in is far from over, because neither Tether nor Circle seem ready to let go of their market share.

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John R. Zepeda

I have extensive experience working as a content writer in the areas of cryptocurrencies and finance, where I create interesting pieces that both inform and engage their audiences.

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