Robinhood chose USDC as the first stablecoin to get listed on its platform


American financial services company Robinhood has always expressed its desire to massively expand in the crypto industry. While navigating its crypto services, the platform has experienced some ups and downs over the past few years. But this week, the platform triumphed in the crypto arena when it listed its first stablecoin, USDC.

USDC is the first stablecoin to get listed on Robinhood

The news was originally released from a tweet by Robinhood. USDC is the 17th supported cryptocurrency by the trading platform and ranks fourth in terms of market capitalization after heavyweights Bitcoin and Ethereum and rival Tether. Since adding Cardano (ADA) at the beginning of the month, it is the most recent token addition. With the addition of Polygon in recent weeks, Robinhood’s roster of digital currencies is continuously expanding.

Moreover, the move demonstrates further strong growth for Circle’s USDC, which has challenged Tether’s USDT, the long-reigning stablecoin, for the top spot. An ideology that claims that Tether’s account management is less open and simple than that of USDC has been the driving force behind the narrative.

Based on this year’s momentum, Arcane Research has recently developed future growth estimates that show USDC topping USDT as early as mid-October. However, the expected distance for today’s number is probably a little bit closer than what we’ve actually observed, indicating that a USDC takeover for the top position could take another 4-6 months.

Notably, the USDC whale holdings percentage recently hit a two-year low. That movement has been sparked by both broader market movement and U.S. sanctions against Tornado Cash. Exchange deposits for USDC have also been significantly low, although implying transaction volumes have continued to soar in recent months. More experts have a negative than a positive opinion on stablecoins as a result of Tornado Cash and other external causes, such as the prospect of U.S. law on stablecoins and other cryptocurrencies.

The adoption of USDC by Robinhood could encourage growth and enable it to overtake USDT’s market dominance. But it’s unclear how a stablecoin asset, particularly one that doesn’t garner any interest, will perform with the more casual investor who generally uses Robinhood.

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