Robinhood, a trading platform, has listed a new cryptocurrency. The cryptocurrency in question was recently delisted by Binance. Here are the details…
Robinhood lists USDC
Robinhood, the trading app run by Vlad Tenev that allows investing in both stocks and crypto, has made a new announcement. As of today, the platform lists the second largest stablecoin by market cap. In other words, users now have the chance to access USD Coin (USDC) through the platform. In the tweet where Robinhood announced the news, only the words “USDC is now in Robinhood”.
#USDC is now on Robinhood @circlepay #StableCoin #CryptoListinghttps://t.co/OL7fXLffHW pic.twitter.com/EUNLPpvGUu
— Robinhood (@RobinhoodApp) September 20, 2022
cryptocoin.com As we reported, on September 1, the platform also listed Cardano’s native token ADA. Earlier this year, it added the Shiba Inu to its list of traded cryptocurrencies. This is something the SHIB community has been waiting for for a long time. In the last case, Robinhood supports a total of 17 cryptocurrencies. Bitcoin, Ethereum, Litecoin, ADA, Dogecoin, USDC and Solana to name a few.
Binance delisted USDC
As we reported, about two weeks ago Binance delisted USDC, which Robinhood listed today. Binance, the world’s largest cryptocurrency exchange by volume, announced that it will begin automatically converting USDC, USDP and TUSD stablecoins to its native stablecoin, BUSD. Thus, it announced that it would effectively delist three competing stablecoins. The company said the move will improve liquidity and capital efficiency for users.
Binance’s delisting was also performed by WazirX, backed by Binance. WazirX, India’s leading cryptocurrency exchange, announced yesterday that it will delist USD Coin (USDC), Pax Dollar (USDP) and TrueUSD (TUSD). It announced that users will automatically convert their existing balances in these three stablecoins to BUSD. “WazirX has stopped deposits of USDC, USDP and TUSD,” the exchange said on Monday. “We will not support new deposits,” he said.
USDC becomes the first stablecoin listed by Robinhood
So, on top of its delist, Robinhood has listed USDC in response to Binance’s effort to increase the use of its own stablecoin, BUSD. Thus, USDC became the first stablecoin to be listed by this trading company. As it is known, a stablecoin is a cryptocurrency that is fixed to a certain asset. USDC, on the other hand, is a 1:1 stablecoin to the US dollar.
At the time of writing, USDC has a market cap of $50,129,072,992 and a trading volume of around $4,783,327,515. Compared to market caps, it comes right after Tether (USDT), the largest stablecoin in the market. Tether’s market cap is currently around $68 billion. Robinhood, however, chose USDC over the controversial Tether.
