Robinhood Goes Deeper Into Crypto, Lists First Stablecoin Despite 2022's Terra (Luna) Chaos

Online brokerage platform Robinhood Markets Inc HOOD announced on Tuesday the listing of the second-largest stablecoin by market capitalization, USD Coin USDC/USD, on its platform.

Robinhood also began listing Cardano's native cryptocurrency ADA/USD on Sept. 1. Shiba Inu SHIB/USD was added earlier this year, something the SHIB army had been anticipating for a while.

Totaling 17 cryptocurrencies, Robinhood supports investments in Bitcoin BTC/USD, Ethereum ETH/USD, Litecoin LTC/USD, Cardano, Dogecoin DOGE/USD, USDC and Solana SOL/USD.

USDC Is The First Stablecoin To Be Listed

Currently, USDC has a market capitalization of $50,129,072,992 and a trading volume of $4,783,327,515, according to data from CoinGecko.

USD Coin, the first stablecoin listed on Robinhood, is backed by U.S. dollars or U.S. dollar equivalents.

Robinhood has not yet declared a stablecoins strategy and it is not yet known if the crypto exchange will add more stablecoins in the near future.

On June 27, there was speculation that billionaire Sam Bankman-Fried, the founder of the FTX exchange, planned to acquire Robinhood.

Bloomberg claimed the transaction was in its early stages, though not confirmed by any of the two parties. Bankman-Fried denied the report and said he was neither contemplating a full nor a partial acquisition of the business.

WazirX To Delist USDC

Recently, the Indian cryptocurrency exchange WazirX stated that over the next two weeks, USDC is among other stablecoins it will be delisting. It will be converting the remaining balances into the Binance-backed Binance USD BUSD/USD, according to CoinTelegraph.

Are you ready for the next cryptocurrency bull run? Be prepared before it happens! Hear from industry thought leaders like Kevin O’Leary and Anthony Scaramucci at the 2022 Benzinga Crypto Conference on Dec. 7 in New York City.
Photo: Mariia Shalabaieva on Unsplash