Robinhood Crypto VP Johann Kerbrat Debunks Rumors of the Fintech Giant Launching Its Own Stablecoin

Kerbrat told Decrypt in an interview on Sept. 30 that Robinhood has no active plans to explore the development of a stablecoin.

Fintech giant Robinhood does not have any immediate plans to launch its own stablecoin, according to Johann Kerbrat, Vice President and General Manager of Robinhood Crypto.

In an interview with Decrypt on Sept. 30, Kerbrat addressed recent rumors about Robinhood’s foray into stablecoin development.

“At this point, we don’t have any immediate plan to launch a stablecoin. The rumors are always interesting, but we haven’t really spent time on it,” he said.

Kerbrat's comments follow a recent Bloomberg News report, which claimed that both Robinhood and Revolut were planning to launch stablecoins.

However, a spokesperson for Revolut declined to directly comment on the matter. But according to a source familiar with the European fintech company, the firm is “exploring” the possibility of launching a stablecoin.

Despite the rumors, no concrete plans or timelines for a stablecoin release have been finalized at this point.

Robinhood's approach to stablecoins has largely been through partnerships, such as the listing of Circle’s USD Coin (USDC). Meanwhile, Revolut has expanded its crypto offerings, but its specific plans for a stablecoin launch have not been confirmed.

TradFi and stablecoins

The stablecoin market, led by Tether (USDT), plays a significant role within the broader crypto landscape. However, new entrants have faced challenges in capturing a substantial market share.

Major traditional financial firms, including PayPal and JPMorgan, as well as crypto giants like Binance, have attempted to rival the dominance of USDT and USDC, but their efforts have yielded limited success.

In August 2023, PayPal introduced its own stablecoin, called PYUSD, which aims to facilitate seamless payments and transfers between users. Despite PayPal's vast user base, the stablecoin has yet to gain significant traction in a market largely dominated by crypto-native players.

Despite the challenges, TradFi companies continue to be speculated to capitalize on the growing demand for stable digital currencies, with Societe Generale being the latest to enter the space.

Mentioned in this article

Johann Kerbrat is Vice President and General Manager of Robinhood Crypto. A passionate advocate for crypto and Web3, Johann leads a team dedicated to making crypto accessible and enjoyable for everyone.

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CryptoSlate is a comprehensive and contextualized source for crypto news, insights, and data. Focusing on Bitcoin, macro, DeFi and AI.

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