Trading App Giant Robinhood Adds Stablecoin US Dollar Coin (USDC) to Roster

Trading App Giant Robinhood Adds Stablecoin US Dollar Coin (USDC) to Roster

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Retail trading giant Robinhood just added top stablecoin USD Coin (USDC) to its list of supported digital assets as the platform sees reduced trading activities due to the crypto winter.

In a new announcement via Twitter, the company says that the second largest dollar-pegged stablecoin is now included in its trading roster, effective September 21st.

According to the announcement, USDC will be transferable on both the Ethereum (ETH) and Polygon (MATIC) networks.

#USDC is now on Robinhood @circlepay #StableCoin #CryptoListing

— Robinhood (@RobinhoodApp) September 20, 2022

The company also recently added Ethereum rivals Avalanche (AVAX) and Cardano (ADA) as well as XRP challenger Stellar (XLM) to its platform.

Robinhood is rolling out support for new assets as it admits it’s struggling because of the current market downturn.

In early August, the company terminated 23% of its workforce amid declining client activities. Robinhood CEO Vlad Tenev reasoned that the company has hired more employees than it currently needs.  

“We have seen additional deterioration of the macro environment, with inflation at 40-year highs accompanied by a broad crypto market crash. This has further reduced customer trading activity and assets under custody.”

Despite the downturn, Robinhood is seeing a positive response to its multichain, non-custodial crypto wallet, which the firm says saw more than 1 million people join the waitlist just two months after opening. 

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Featured Image: Shuterstock/Terablete/Skorzewiak

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