Robinhood Crypto Vice President and General Manager Johann Kerbrat put an end to recent rumors that the fintech giant has plans to launch its own stablecoin.
Kerbrat told Decrypt in an interview on September 30 that Robinhood has no active plans to explore developing a stablecoin.
Kerbrat said:
“At this time we have no immediate plan to launch a stablecoin. The rumors are always interesting, but we haven’t really spent time on them yet.”
His comments come after a recent Bloomberg News report claimed that Robinhood and Revolut were looking to launch a stablecoin.
Despite the increasing interest in stablecoins, Kerbrat emphasized that Robinhood has no plans to enter this space. He added:
“It’s always interesting to see where people think we’re going, but for now that’s not part of our roadmap.”
Robinhood’s approach to stablecoins has been largely through partnerships, including the listing of Circle’s USD Coin (USDC). Meanwhile, Revolut has expanded its crypto offering but has not confirmed any specific plans for a stablecoin launch.
According to the report, Revolut declined to comment directly on the matter. However, a source familiar with the European fintech company said the company was “exploring” the idea of launching a stablecoin. However, no clear timeline or concrete plans for a stablecoin release have been finalized at this time.
TradFi and stablecoins
The stablecoin market, led by Tether (USDT), has a significant share of the overall crypto landscape, but new entrants have faced hurdles.
Large traditional financial companies such as PayPal and JPMorgan, as well as crypto giants such as Binance, have failed to challenge the dominance of USDT and USDC.
In August 2023, PayPal introduced its own stablecoin, PYUSD, aimed at facilitating seamless payments and transfers between users. Despite PayPal’s large user base, the stablecoin has struggled to gain significant traction in a market dominated by crypto-native players.
Despite the challenges, speculation remains about TradFi companies looking to capitalize on the growing demand for stable digital currencies, with Societe Generale the latest to enter this space.