**News Flash: Robinhood and Revolut Eye Stablecoin Market Amid New EU Regulations**

Fintech giants Robinhood and Revolut are reportedly exploring the stablecoin market, driven by new European regulations promising greater clarity. According to a Bloomberg report, both companies are considering issuing their own stablecoins as the industry grows.

Currently, Tether (USDT) dominates the stablecoin market, holding over 75% share and reporting record profits of $5.2 billion in the first half of 2024. This success is attracting more players to the field.

The European Union’s Markets in Crypto-Assets (MiCA) regulation, introduced in 2023, is set to reshape the stablecoin landscape. MiCA's first phase, ending June 30, imposed rules on reserves and transparency. The second phase, effective December 30, will bring broader regulations for exchanges and wallets.

Tether's CEO, Paolo Ardoino, criticized MiCA's requirement for 60% of reserves to be held in cash deposits at multiple banks, citing the difficulty of finding willing banks in Europe. Meanwhile, Circle is adapting its Euro-backed stablecoin EURC to comply with the new framework.

Stay tuned as Robinhood and Revolut navigate this evolving market.