Robinhood VP quashes stablecoin launch rumors Robinhood VP quashes stablecoin launch rumors
Kerbrat told Decrypt in an interview on Sept. 30 that Robinhood has no active plans to explore the development of a stablecoin.
2 min read
Updated: Sep. 30, 2024 at 7:39 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
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 Sept. 30 that Robinhood has no active plans to explore the development of a stablecoin.
Kerbrat said:
“At this point, we don’t have any immediate plan to launch a stablecoin. The rumors are always interesting, but we haven’t really spent time on it.”
His comments come after a recent Bloomberg News report claimed Robinhood and Revolut were looking to launch a stablecoin.
Despite rising interest in stablecoins, Kerbrat emphasized that Robinhood has no imminent plans to enter this space. He added:
“It’s always interesting to see where people think we’re going to go next, but for now, that’s not part of our roadmap.”
Robinhood’s approach to stablecoins has largely been through partnerships, including the listing of Circle’s USD Coin (USDC). Meanwhile, Revolut has expanded its crypto offerings 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 firm was “exploring” the idea of launching a stablecoin. However, no clear timeline or concrete plans for a stablecoin release have been finalized at this point.
TradFi and stablecoins
The stablecoin market, led by Tether (USDT), holds a significant share of the overall crypto landscape, but new entrants have faced hurdles.
Major traditional financial firms like PayPal and JPMorgan, as well as crypto giants like 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 continues to swirl about TradFi companies looking to capitalize on the growing demand for stable digital currencies, with Societe Generale being the latest to enter the space.
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Author 
Assad Jafri
AJ, a passionate journalist since Yemen's 2011 Arab Spring, has honed his skills worldwide for over a decade. Specializing in financial journalism, he now focuses on crypto reporting.
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In this article
Tether
$1.00113
Launched in 2014, Tether is a blockchain-enabled platform designed to facilitate the use of fiat currencies in a digital manner.
USD Coin
$0.99996
USD Coin (USDC) is a stablecoin fully backed by the US dollar and developed by the CENTRE consortium.
Robinhood
Robinhood is an American financial services company headquartered in Menlo Park, California that was founded in April 2013 by Vladimir Tenev and Baiju Bhatt.
Revolut
Revolut is a financial technology company that offers a range of financial services, including a digital banking platform, foreign currency exchange, stock trading, cryptocurrency trading, and other related services.
PayPal
PayPal is an American multinational financial technology firm that operates an online payment system in most countries that permits online money transfers and serves as an electronic replacement for conventional paper methods like checks and money orders.
JPMorgan
JPMorgan Chase & Co is a global leader in financial services, offering solutions to the world’s most important corporations, governments, and institutions in more than 100 countries.
Binance
Binance is a global cryptocurrency exchange that provides a platform for trading more than 100 cryptocurrencies.
Circle
Circle Internet Financial Ltd is a global internet finance company, built on blockchain technology and powered by crypto assets.
Tether Limited
Tether Limited is the company that introduced Tether (USD₮ or USDT), an asset-backed cryptocurrency stablecoin, in 2014.
