đšđšRobinhood and Revolut Reportedly Eyeing Entry into the Stablecoin Marketđšđš
Fintech heavyweights Robinhood and Revolut are reportedly considering stepping into the stablecoin market as regulatory clarity in Europe continues to evolve. According to a Sept. 26 Bloomberg report, both companies are exploring the possibility of issuing their own stablecoins, marking their potential entry into a growing sector dominated by Tether (USDT).
USDT, which is pegged to the US dollar, has gained over 20% of the stablecoin market share in recent years and now controls more than 75% of the market. This dominance has translated into record profits for Tether, which reported $5.2 billion in earnings for the first half of 2024. With such lucrative potential, it's no surprise that other major players like Robinhood and Revolut might be looking to join the space.
While both companies have yet to confirm any plans to issue stablecoins, the move could significantly shake up the stablecoin landscape, offering new opportunities for competition and innovation as the market continues to expand.
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