Robinhood hasn\u2019t been shy about it\u2019s desire to be a player in crypto. The platform has had a few years of ups and downs as it\u2019s navigated it\u2019s crypto offerings. This week, however, the platform secured a win on the crypto front by listing it\u2019s first stablecoin, USDC.<\/p>\n
What We Know<\/p>\n
The news first came straight from the horses mouth, as Robinhood\u2019s Twitter posted a tweet<\/a> this morning sharing the news. The token is Robinhood\u2019s 17th supported crypto, and third largest in market cap behind blue chips Bitcoin and Ethereum. It\u2019s the latest token addition since adding Cardano (ADA) at the beginning of the month. It is a growing list of crypto tokens for Robinhood, who also added Polygon in recent weeks<\/a>.<\/p>\n Additionally, the move shows more bolstering growth for Circle\u2019s USDC, which has sought out the number one spot over Tether\u2019s USDT \u2013 the longtime dominant stablecoin. The narrative has been driven by an ideology that Tether\u2019s account management is less transparent and straightforward than USDCs.<\/p>\n\n Robinhood (HOOD) has had a challenging year on the NASDAQ. | Source: NASDAQ: HOOD on TradingView.com<\/a><\/p>\n The Stablecoin Battle<\/p>\n In recent months, the good folks over at Arcane Research put together future growth projections based on USDC\u2019s momentum this year, which shows USDC overtaking USDT\u2019s number one spot as early as mid-October. The projected gap for today\u2019s number is likely a bit closer than what we\u2019ve seen in reality, however, signaling that a USDC takeover for the top spot could take another 4-6 months. That\u2019s been exacerbated by USDC whale holdings percentage hitting a two-year low<\/a> in recent weeks.<\/p>\n As our team cited, that movement has been driven by broader market movement, as well as U.S. sanctions on Tornado Cash. Exchange deposits have been substantially low for USDC as well, but mean transaction volumes are still flying high in recent months. Tornado Cash and other external factors, such as threats of U.S. legislation on stablecoins and other crypto, have led to more negative sentiment around stables than positive.<\/p>\n\n Robinhood\u2019s adoption of USDC could help spur the growth in catching up with USDT\u2019s lead. However, it remains to be seen how the more casual investor that typically frequents Robinhood will fare with a stablecoin asset, particularly one that doesn\u2019t generate any interest.<\/p>\n Featured image from Pixabay, Charts from TradingView.com <\/p>\n Robinhood hasn\u2019t been shy about it\u2019s desire to be a player in crypto. The platform has had a few years of ups and downs as it\u2019s navigated it\u2019s crypto offerings. This week, however, the platform secured a win on the crypto front by listing it\u2019s first stablecoin, USDC.<\/p>\n What We Know<\/p>\n The news first came straight from the horses mouth, as Robinhood\u2019s Twitter posted a tweet<\/a> this morning sharing the news. The token is Robinhood\u2019s 17th supported crypto, and third largest in market cap behind blue chips Bitcoin and Ethereum. It\u2019s the latest token addition since adding Cardano (ADA) at the beginning of the month. It is a growing list of crypto tokens for Robinhood, who also added Polygon in recent weeks<\/a>.<\/p>\n Additionally, the move shows more bolstering growth for Circle\u2019s USDC, which has sought out the number one spot over Tether\u2019s USDT \u2013 the longtime dominant stablecoin. The narrative has been driven by an ideology that Tether\u2019s account management is less transparent and straightforward than USDCs.<\/p>\n Robinhood (HOOD) has had a challenging year on the NASDAQ. | Source: NASDAQ: HOOD on TradingView.com<\/a><\/p>\n The Stablecoin Battle<\/p>\n In recent months, the good folks over at Arcane Research put together future growth projections based on USDC\u2019s momentum this year, which shows USDC overtaking USDT\u2019s number one spot as early as mid-October. The projected gap for today\u2019s number is likely a bit closer than what we\u2019ve seen in reality, however, signaling that a USDC takeover for the top spot could take another 4-6 months. That\u2019s been exacerbated by USDC whale holdings percentage hitting a two-year low<\/a> in recent weeks.<\/p>\n As our team cited, that movement has been driven by broader market movement, as well as U.S. sanctions on Tornado Cash. Exchange deposits have been substantially low for USDC as well, but mean transaction volumes are still flying high in recent months. Tornado Cash and other external factors, such as threats of U.S. legislation on stablecoins and other crypto, have led to more negative sentiment around stables than positive.<\/p>\n Robinhood\u2019s adoption of USDC could help spur the growth in catching up with USDT\u2019s lead. However, it remains to be seen how the more casual investor that typically frequents Robinhood will fare with a stablecoin asset, particularly one that doesn\u2019t generate any interest.<\/p>\n Featured image from Pixabay, Charts from TradingView.com <\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-8093","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/8093","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=8093"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/8093\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=8093"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=8093"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=8093"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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\nThis op-ed represents the views of the author, and may not necessarily reflect the views of Bitcoinist. Bitcoinist is an advocate of creative and financial freedom alike.<\/p>","protected":false},"excerpt":{"rendered":"
\nThe writer of this content is not associated or affiliated with any of the parties mentioned in this article. This is not financial advice.
\nThis op-ed represents the views of the author, and may not necessarily reflect the views of Bitcoinist. Bitcoinist is an advocate of creative and financial freedom alike.<\/p>\n