Fintech giant Robinhood is reportedly mulling a potential stablecoin, according to Bloomberg. The launch would make it the latest traditional finance firm to move into the lucrative stablecoin business, following the likes of PayPal, which debuted a U.S. dollar-denominated token last summer.

However, without disputing the possibility, a Robinhood spokesperson said there are “no imminent plans” to issue a stablecoin. Robinhood currently offers trading in various digital assets on its platform, including the USDC stablecoin issued by Circle.

Bloomberg also said U.K.-based Revolut is considering a stablecoin rollout, which CoinDesk reported on Sept. 18. Last week, the crypto-friendly neo-ban unveiled a retail wealth management app that will enable the trading of cryptocurrencies alongside other asset classes.

A spokesperson for Revolut stated the company plans to “further grow” its crypto offerings, without directly mentioning a stablecoin.

Stablecoins are an emerging area of focus for financial institutions. The largest stablecoin issuer, Tether, booked $6.2 billion in net operating profits in 2023, largely from interest earned on USDT's backing assets. Meanwhile, after launching in August of last year, PayPal’s PYUSD stablecoin has grown to a $700 million market cap, making it the fourth-largest stablecoin on the market.

Some analysts think the incoming MiCA guidelines in the European Union will boost stablecoin activity in the region. The regulations, set to take full effect at the end of 2024, carve out specific rules for stablecoin issuers including licensing agreements and strict rules for managing reserve holdings.

Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.

© 2024 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。