- Trading platform Robinhood has added stablecoin USDC to its list of supported cryptocurrency assets.
- Robinhood currently supports 18 other crypto assets, but USDC is the first supported stablecoin.
- Robinhood and Circle executives will discuss the news during San Francisco’s Converge22 event.
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Robinhood trading platform adds USD Coin (USDC) to its selection of tradable assets.
Robinhood Introduces USDC
Robinhood customers will have access to USDC.
According to a tweet from the company, USDC will be available for transfer via both Polygon and Ethereum. The asset will be available from September 21.
Robinhood has not released a full statement on the USDC addition. However, the company’s crypto CTO, Johann Kerbrat, stated that he will discuss the matter next week during the Converge22 conference in San Francisco. There, Kerbrat said he would “talk about what [USDC] what it means for Robinhood, and what’s to come.
Meanwhile, Circle CEO Jeremy Allaire write: “This is amazing! Congrats… and a major win for the USDC to get to [the] mainstream.” He stated that Circle will also attend Converge22 to “dive” into the topic.
These statements may indicate that Robinhood may be involved more deeply with USDC than with other crypto assets. However, Robinhood’s USDC information page doesn’t suggest anything out of the ordinary. The page explains that Robinhood “facilitates the purchase and redemption of USDC from Circle” but does not issue USDC or hold USDC reserves.
Furthermore, the page says Robinhood “has no obligation to repurchase USDC for USD.” The responsibility may rest with the USDC issuing Circle.
USDC is the first stablecoin that Robinhood will support as a tradable asset. However, the company also provides real-time data for two other stablecoins: USD and DAI.
Robinhood has gradually expanded its crypto offering in recent years. The company supports crypto trading since 2018 but does not allow crypto withdrawal until now. It now introduces a non-custodial wallet to give customers direct control over crypto.
In a recent earnings call, CEO Vlad Tenev said the company is working to expand its crypto listings, noting that “customers have told us they want us to introduce more coins.”
Despite the support for cryptocurrency, the company also reduced it. That fired a significant part of its staff this summer due to the downturn in the crypto market.
Disclosure: At the time of writing, the author of this piece owns BTC, ETH, and other cryptocurrencies.