Robinhood Adds USDC to Crypto Listings

key takeaways

  • Trading platform Robinhood is adding the USDC stablecoin to its list of supported crypto assets.
  • Robinhood currently supports 18 other crypto assets, but USDC is its first supported stablecoin.
  • Robinhood and Circle executives will discuss the news further at the Converge22 event in San Francisco.

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Trading platform Robinhood is adding USD Coin (USDC) to its selection of tradable assets.

Robinhood Launches USDC

Robinhood customers will soon be able to use USDC.

according to a tweet From this company, USDC will be transferable through Polygon and Ethereum. The asset will be available starting September 21st.

Robinhood has yet to make a full statement on joining USDC. However, Johann Kerbrat, the company’s CTO of cryptography, said: express He will discuss the matter further at the Converge22 conference in San Francisco next week.There, Kerbrat said he would “talk about what [USDC] What it means for Robinhood, and what’s to come. “

Meanwhile, Circle CEO Jeremy Allaire wrote: “This is great! Congrats…USDC on a major victory [the] mainstream. He hinted that Circle will also be at Converge22 to “go deeper” on the subject.

These statements may suggest that Robinhood’s interactions with USDC may be deeper than with other cryptoassets. However, Robinhood’s USDC information page doesn’t suggest anything unusual. The page explains that Robinhood “facilitates the purchase and redemption of USDC from Circle,” but does not issue USDC or hold USDC reserves.

Additionally, the page states that Robinhood “has no obligation to buy back your USDC in dollars.” That responsibility presumably falls on Circle, the USDC issuer.

Robinhood currently supports 18 other cryptocurrencies, including major assets such as Bitcoin and Ethereum.

USDC is the first stablecoin that Robinhood will back as a tradable asset. However, the company also provides real-time data on two other stablecoins: USDT and DAI.

Robinhood has been gradually expanding its cryptocurrency offerings in recent years. The company has supported crypto exchanges since 2018, but only recently started allowing crypto withdrawals. It is now introducing a non-custodial wallet to give customers more direct control over their cryptocurrencies.

In a recent earnings call, CEO Vlad Tenev said the company is working to expand its list of cryptocurrencies, noting that “customers have told us they want us to launch more tokens.”

Despite growing support for cryptocurrencies, the company is also scaling back. It laid off a significant portion of its workforce this summer due to the downturn in the cryptocurrency market.

Disclosure: At the time of writing, the author of this article owns BTC, ETH, and other cryptocurrencies.

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