Robinhood Markets Inc stated on Wednesday it has joined forces with crypto agency Circle to supply clients the choice to purchase and promote stablecoin USD Coin (USDC) on the brokerage’s platform.
The addition of USDC brings the entire variety of belongings available for purchase and promote by Robinhood Crypto to 17, and is the primary stablecoin listed on the app, the corporate stated.
USDC, which is principally issued by Circle, is the second largest stablecoin with over $50 billion in circulation at present. USDC reserves are totally backed by money and short-dated U.S. treasuries, in response to the corporate, with a 1:1 peg to the U.S. greenback.
The brokerage added clients can withdraw USDC on ethereum and polygon by the Robinhood Pockets, which launched in beta to 10,000 iOS customers on the waitlist yesterday.
The 2 firms are additionally working carefully to develop and construct customized instructional packages to show clients the fundamentals about USDC and Circle.
Robinhood’s partnership with USDC comes amid a crypto rout and a collapse of main stablecoins in latest months that drew intense scrutiny.
TerraUSD, a serious stablecoin, broke its 1:1 peg to the greenback and fell as little as $0.67 in Might, spurring a plunge in bitcoin that wiped away billions of {dollars} from cryptocurrencies.
That sparked a sector-wide turmoil that led to crypto lenders Celsius and Voyager submitting for chapter, and Coinbase , BlockFi and Crypto.com shedding hundreds of staff.
Issuers of those digital currencies whose worth is pegged to conventional currencies would face bank-like regulation and oversight underneath a draft invoice from senior U.S. Home lawmakers, a supply accustomed to the matter advised Reuters in July.
The addition of USDC brings the entire variety of belongings available for purchase and promote by Robinhood Crypto to 17, and is the primary stablecoin listed on the app, the corporate stated.
USDC, which is principally issued by Circle, is the second largest stablecoin with over $50 billion in circulation at present. USDC reserves are totally backed by money and short-dated U.S. treasuries, in response to the corporate, with a 1:1 peg to the U.S. greenback.
The brokerage added clients can withdraw USDC on ethereum and polygon by the Robinhood Pockets, which launched in beta to 10,000 iOS customers on the waitlist yesterday.
The 2 firms are additionally working carefully to develop and construct customized instructional packages to show clients the fundamentals about USDC and Circle.
Robinhood’s partnership with USDC comes amid a crypto rout and a collapse of main stablecoins in latest months that drew intense scrutiny.
TerraUSD, a serious stablecoin, broke its 1:1 peg to the greenback and fell as little as $0.67 in Might, spurring a plunge in bitcoin that wiped away billions of {dollars} from cryptocurrencies.
That sparked a sector-wide turmoil that led to crypto lenders Celsius and Voyager submitting for chapter, and Coinbase , BlockFi and Crypto.com shedding hundreds of staff.
Issuers of those digital currencies whose worth is pegged to conventional currencies would face bank-like regulation and oversight underneath a draft invoice from senior U.S. Home lawmakers, a supply accustomed to the matter advised Reuters in July.