Robinhood has announced that users of its platform can now trade USDC, a stablecoin designed by Circle. According to the brokerage app, this is the first stablecoin available to users at the main time. The statement also mentioned that the platform would intensify its efforts to increase the number in the coming months. Robinhood first announced support for digital assets in 2018 and has added a list of tokens to its platform.
Robinhood plans to establish itself in the crypto sector
Robinhood presently allows users to trade about 17 digital assets, with the platform making it 18 with this recent addition. This update signaled a strict adherence to the company’s policy when it announced that it would start focusing on enabling the trading of digital assets on its platform. In a new update that was shared, one of the core executives of the company noted that the three main are that the company focuses on is thriving.
Aside from the crypto sector, brokerage and money services are also seeing an uptick in patronage. The executive mentioned that the platform wants to be the best crypto trading platform globally. It also wants to increase the number of onboarded users by offering unbeatable services across the entire market.
USDC ranks second in terms of market cap
Robinhood has also mentioned that it has seen an increased call from users for the platform to onboard more digital assets. It has assured users that the onboarding is in phases and will introduce more coins on the platform as time passes. USDC is one of the biggest stablecoins in the market by market cap. Per data from CoinGecko, it is valued at $50.1 billion. The price has not been stable but has stayed around the $1 price mark over the last few weeks.
Only Tether is bigger than USDC in terms of stablecoins in the crypto market. In putting it into perspective, Tether came into the market about four years before USDC was introduced. Tether presently has a market cap of $68 billion, which has declined since the Terra ecosystem mishap. According to an executive, more listing details will be available at a conference held by Circle in the coming week.