Retail trading platform Robinhood and digital banking app Revolut are reportedly looking at the possibility of issuing their own stablecoins.
Citing people familiar with the matter, Bloomberg reports that the two financial technology giants are considering joining the $170 billion stablecoin market.
A Robinhood spokesperson tells Bloomberg the company does not have imminent plans to launch the offering. A Revolut spokesperson says the plan is to grow the company’s crypto product suite, but they did not explicitly mention a future stablecoin.
The report comes as stricter regulations in Europe threaten to weaken USDT issuer Tether’s dominance in the stablecoin sector.
The European Union will enforce the Markets in Crypto Assets (MiCA) regulations by the end of the year. The new rules could compel crypto exchanges operating in the region to delist stablecoins from issuers like Tether that failed to secure the required electronic money license.
Financial companies have been launching their own stablecoins as the asset becomes more widely used for payments. USDT, for instance, allows Russian companies to settle cross-border transactions amid banking sanctions.
Nearly half of the crypto users in emerging markets, which include India, Brazil and Nigeria, also buy stablecoins to save money in dollars.
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inboxCheck Price Action
Follow us on X, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
The post Financial Giants Robinhood and Revolut Mulling Potential Stablecoin Rollouts: Report appeared first on The Daily Hodl.
