It seems clear by now that the delisting of the USDC stablecoin by Binance and then also the Indian exchange WazirX is because of an attempt to eliminate the competition in favor of BUSD, and now, in countertrend, Robinhood decides instead to support the coin.
This is the official announcement posted on Twitter by the company:
— Robinhood (@RobinhoodApp) September 20, 2022
Companies for and against USDC
Indeed, not only was USDC (along with other small stablecoins) delisted in recent days by Binance and WazirX with the official reason of liquidity problems but more importantly, the stablecoin would be immediately converted to BUSD, Binance’s stablecoin.
By contrast, the only stablecoin not affected by this coup would be Tether (USDT), which remains the dollar-pegged token with the most liquidity of all and so it would probably be too absurd to delist it, although the two exchanges have stated that this would not be the last straw.
Anyway, back to today’s main news, Robinhood, unlike the two exchanges, has decided to list USDC, the stablecoin created by Circle and Coinbase and one of the most regulated.
Robinhood supports crypto
As a result, from now on Robinhood supports as many as 17 different cryptocurrencies.
Recently the platform also listed MATIC, the token of the Polygon blockchain.
Moreover, in July, Robinhood announced the activation of transfers of Bitcoin (BTC) and other listed crypto assets in its trading app for all users. Thus, it has since been possible to send and receive cryptocurrencies directly.
The latest info on Circle’s stablecoin: USDC
USDC, despite all the action being taken against it, still has a market cap of $50,149,768,741 and 24-hour trading volumes of $4,783,327,515, according to data from CoinMarketCap, which is the go-to site for looking at this sort data on crypto
As a stablecoin, USDC is pegged 1-to-1 to the US dollar, which means that at any time it can be traded to obtain fiat currency, as Circle holds respective dollars in its reserves.
A few months ago, the company also announced the launch of the Euro Coin (EUROC) project, which is a new stablecoin pegged to the euro.