- Robinhood clarifies it has no plans to launch a stablecoin, countering last week’s Bloomberg report on potential expansion.
- Ripple’s RULSD stablecoin enters beta testing, aiming for a public release later this year amidst scam warnings.
Robinhood has publicly refuted rumors that it was planning to launch a stablecoin. Last week, a report by Bloomberg suggested that Robinhood was preparing to enter the stablecoin market, citing unnamed sources familiar with the matter.
INTEL: Robinhood has no imminent plans for a stablecoin despite recent speculation
— Solid Intel 📡 (@solidintel_x) September 30, 2024
However, the company has since clarified that it has no immediate plans to venture into this segment of the cryptocurrency market.
The stablecoin is notably dense with established players and new entrants alike. For instance, Ripple, the San Francisco-based technology company, launched its stablecoin, RULSD, earlier this year, as we reported on ETHNews. This coin recently moved into beta testing and is slated for public release later in the year.
— WietseWind (🪝🛠 Xaman @XRPLLabs) (@WietseWind) September 3, 2024
Ripple has also recently issued warnings about potential scams involving the RULSD stablecoin, noting that the tokens are not yet available to the general public.
Across the pond, London-based neobank Revolut is reportedly considering entering the stablecoin space, although official confirmation is pending. The market itself is heavily populated, with Tether’s USDT commanding a staggering market capitalization of $119.7 billion.
Circle’s USDC follows as a significant contender, ranking as the sixth-largest cryptocurrency with a market cap of $35.7 billion, per Coinmarketcap data.
Despite the crowded market, some ETHNews analysts remain bullish about the future of stablecoins. Prominent brokerage firm Bernstein projects that the stablecoin market could expand to nearly $3 trillion within the next five years.
This growth is anticipated as stablecoins continue to gain popularity as a medium of exchange worldwide, particularly in emerging markets.
The current price of XRP (Ripple) is $0.609086, having dropped by 2.30% in the past few hours. The range for the day has been between $0.587373 and $0.633387, and the market cap is $34.452 billion. The trading volume for the past 24 hours is approximately $2.5 billion.
