Cryptocurrency

Robinhood Lists USDC As Its First Stablecoin on the Platform

Also at the intersects of stocks and crypto, MicroStrategy sees a decline in share price after a $6M USD Bitcoin purchase.

Cryptocurrency

Robinhood Lists USDC As Its First Stablecoin on the Platform

Also at the intersects of stocks and crypto, MicroStrategy sees a decline in share price after a $6M USD Bitcoin purchase.

Popular stock and crypto trading app Robinhood announced Tuesday, September 20, that it would now be offering Circle’s USD stablecoin (USDC). The offering marks the first stablecoin to be listed on the platform and is available now for transfer through both the Ethereum and Polygon networks.


With the addition of USDC, Robinhood currently supports 17 different cryptocurrencies, which may not seem like many, however, the application which started as a stock trading platform just began to offer crypto in 2018.

It is possible that with the USDC, Robinhood might be looking to move away from its payment-for-order flow model, much like FTX had previously considered — though no further details as to the plans or specific benefits of USDC have been shared at the time of writing.

Another possible use case or benefit of having USDC is the ability for crypto day traders to have a place to park funds and quickly execute trades without having to wait for large deposits to settle.

Whatever the case may be, Robinhood seems optimistic about the future of crypto and has set it as one of its main priorities according to a statement by Chris Koegel, the platform’s head of investor relations.

Koegel shared that “our vision with crypto is to be the most trusted platform for customers to invest in crypto as well as the most trusted on-ramp to the decentralized web.”

Also at the crossroads of stocks and crypto is MicroStrategy, which yesterday, September 20, found its share price down just over 6% following the announcement of a $6 million USD Bitcoin purchase.

It is unknown whether or not the decline in share price is directly correlated with the BTC purchase or if other factors might be responsible. As for crypto Twitter, the buy was mostly celebrated, and well received as Michael Saylor, the founder and executive chairman lives up to his promise of focusing on more BTC accusations.

With Robinhood adding stablecoins, publicly traded companies buying crypto as reserve assets, and crypto trading platforms like FTX offering stocks — traditional finance and decentralized finance continue to merge and may eventually become one and the same.

In other news, a16z leads a $51.5 million USD funding round in crypto fraud detection platform Sardine.

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