According to Robinhood’s official Twitter account, the popular exchange now supports USDC as a tradeable currency. The online brokerage has recently begun adding more cryptocurrencies to trade on its platform, and USDC is the most recent and also the very first stablecoin addition.
The First Stablecoin Available to the Masses
As Robinhood’s inaugural Stablecoin offering, the USD coin is fully backed by US dollars or an equivalent amount of another stable currency. The announcement comes amidst reports that WazirX, an Indian crypto exchange, will soon be delisting USDC and other stablecoins.
Robinhood has not revealed its strategy for Stablecoins as of yet. It is also unclear if they plan to add any other stablecoin in the near future. Aware of the volatility of the cryptocurrency market, the firm is taking a cautious approach to incorporating new coins.
USDC boasts a market cap of nearly $50 billion and a trading volume of $4.783 billion as of this writing. The trading volume is significantly less than that of the popular stablecoin USDT. The controversial nature of Tether may have influenced Robinhood’s decision to launch with USDC as their initial stablecoin rather than Tether.
As of June 2022, Robinhood boasts a user base of over 22 million investors. With the latest listing, USDC will now be available to all Robinhood users across the globe.
The exchange also added Cardano’s native coin, ADA, on September 1. Earlier this year, it began trading Shiba Inu, a cryptocurrency that has been eagerly anticipated by the SHIB army for some time.
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