US Dollar Coin (USDC) is the first stablecoin added to the lists of supported cryptos by the giant Robinhood. According to a Tweet from Robinhood, USDC has been available for transfer via Polygon and Ethereum since Wednesday, September 21.
Robinhood expand its crypto offerings
The USD coin (USDC) is a cryptocurrency that came to market in 2018. Unlike most other virtual currencies, it is defined by its low volatility and stable price, hence its high awareness and growing popularity.
The USD Coin evolves on the Ethereum blockchain. It is above all a crypto, in the sense that it follows a decentralized exchange protocol. The USD Coin is thus the stable token of Coinbase and Circle, which have joined forces to create the Centre consortium, the basis of the project. The goal of the USD Coin is to become a reference in electronic payment and an independent means of payment that can be used in all transactions.
On its part, Robinhood is an American broker established in 2013. The broker offers more than 5000 trading products: stocks, options, gold and crypto. In particular, it is interesting to trade crypto on Robinhood, because the site does not charge a commission on the purchase and resale of crypto. In addition, it is possible to buy fractional shares, as long as they are worth more than a dollar.
Robinhood has gradually expanded its crypto currency offerings over the past few years. The company has supported crypto-trading since 2018, but only recently began allowing cryptocurrency withdrawals. It is now introducing a non-depository wallet to give customers more direct control over their digital currencies.
Stablecoin US Dollar Coin (USDC), the first chosen
Robinhood has not released a full statement on the addition of USDC. However, the company’s CTO of cryptos, Johann Kerbrat, said he would discuss the issue next week at the Converge22 conference in San Francisco this coming september 27–30.
These statements might suggest that Robinhood might be engaging more deeply with USDC than with other crypto assets. However, Robinhood’s USDC information page doesn’t suggest anything out of the ordinary. The page explains that Robinhood “facilitates purchases and redemptions of USDC from Circle,” but does not issue USDC or hold USDC reserves.