Popular stock trading app Circle's USD Coin (USDC) is the first stablecoin offered to retail traders on the Robinhood platform. While Robinhood has not yet issued a detailed announcement on the launch of USDC to its list of tradable assets, a tweet clarifies that USDC will be available for transfer on September 21 via both Polygon and Ethereum. Notably, while USDC is the first stablecoin that Robinhood will accept as a tradable asset, the firm also offers real-time data for Tether aka USDT and DAI.
Robinhood first enabled crypto trading on its platform in 2018 and has slowly added tokens since then. The addition of USDC brings the total number of cryptocurrencies customers may trade via the Robinhood app to 17.
The move indicates more expansion for Circle's USDC, which has aimed to displace Tether's USDT, the historically dominant stablecoin. The prevalent belief is that Tether's account administration is less transparent and straightforward than that of USD Coins.
Regarding its portfolio, Robinhood has been on a bit of an expansion spree. The marketplace began offering ADA, Cardano's native cryptocurrency, on September 1, and Shiba Inu was added earlier this year, something the SHIB army had been anticipating for some time. On August 31, the cryptocurrency investment app announced functionality for transferring MATIC on the Polygon network on top of the Ethereum network.
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In a recent earnings call, CEO Vlad Tenev stated that the company is trying to increase its cryptocurrency listings, noting that "customers have requested that we include more coins." However, Robinhood has not yet declared a stablecoins policy, and it is currently unknown whether the crypto exchange will add further stablecoins in the near future.
It is also important to note that, despite its expanding support for cryptocurrencies, the corporation is reducing its workforce. Due to the slump in the crypto market, it let off a major section of its workforce this summer.
