Robinhood, a famous brokerage app led by Vlad Tenev that allows investors to trade in both stocks and cryptocurrency, has announced that the second largest stablecoin by market capitalization, USD Coin (USDC), is now accessible for trading and holding.
The site also added Cardano’s native coin, ADA, on September 1. It added Shiba Inu to its list of traded cryptocurrencies earlier this year, which the SHIB army had been anticipating for months.
Robinhood currently supports 17 cryptocurrencies, including Bitcoin, Ethereum, Litecoin, ADA, Dogecoin, USDC, and Solana. As a result, USDC has become the trading company’s first stablecoin.
At the time of writing, its market capitalization is $50,129,072,992, and its trading volume is $4,783,327,515. The latter is more than ten times cheaper than USDT. However, Robinhood picked USDC over the contentious Tether.
On June 27, word got out that the FTX exchange and its founder, millionaire Sam Bankman-Fried, were planning to buy Robinhood. HOOD gained nearly 18% as a result of the positive news. Bloomberg published the news, stating that the acquisition was in its early stages and had not yet been confirmed by either party to the agreement.
However, the next day, Bankman-Fried denied these allegations, stating that no purchase of the entire company or a portion of its stock was planned. This resulted in a minor dip in Robinhood’s stock price.