Robinhood Markets Inc mentioned on Wednesday it has joined forces with crypto agency Circle to supply prospects the choice to purchase and promote stablecoin USD Coin (USDC) on the brokerage’s platform.
The addition of USDC brings the whole variety of belongings available for purchase and promote by way of Robinhood Crypto to 17, and is the primary stablecoin listed on the app, the corporate mentioned.
USDC, which is principally issued by Circle, is the second largest stablecoin with over $50 billion (roughly Rs. 4,09,540 crore) in circulation at the moment. USDC reserves are absolutely backed by money and short-dated US treasuries, in accordance with the corporate, with a 1:1 peg to the U.S. greenback.
The brokerage added prospects can withdraw USDC on Ethereum and polygon by way of the Robinhood Pockets, which launched in beta to 10,000 iOS customers on the waitlist yesterday.
The 2 corporations are additionally working intently to develop and construct customized academic packages to show prospects the fundamentals about USDC and Circle.
Robinhood’s partnership with USDC comes amid a crypto rout and a collapse of main stablecoins in latest months that drew intense scrutiny.
TerraUSD, a significant stablecoin, broke its 1:1 peg to the greenback and fell as little as $0.67 (roughly Rs. 50) in Might, spurring a plunge in bitcoin that wiped away billions of {dollars} from cryptocurrencies.
That sparked a sector-wide turmoil that led to crypto lenders Celsius and Voyager submitting for chapter, and Coinbase, BlockFi. and Crypto.com shedding hundreds of staff.
Issuers of those digital currencies whose worth is pegged to conventional currencies would face bank-like regulation and oversight below a draft invoice from senior US Home lawmakers, a supply acquainted with the matter informed Reuters in July.
© Thomson Reuters 2022
