Robinhood Markets (HOOD), an online broker, added Circle’s USDC stablecoin Tuesday to its crypto offerings. On Wednesday, users will be able transfer the stablecoin to the Ethereum and Polygon networks.
In a tweet , the company stated that Wednesday’s offering will be available for transfer to Ethereum and Polygon networks.
The inclusion of USDC on Robinhood is a clear signal that the platform is setting its sights abroad where the usage of stablecoins is more popular and useful for investors,” Bryan Hernandez, president and co-founder of decentralized-finance (DeFi) app Structure.
Robinhood sets the stage for more crypto adoption
He said that the addition of USDC could enable Robinhood users to send payments for many purposes in much the same way as Venmo and PayPal.
Hernandez said that he believes global users will have more utility because there are already money transmitters in the market.
He said that stablecoins were less needed for international users to enjoy the peer-to-peer transaction advantages because the U.S. market has become saturated with money transmitters.
This move is in response to other global crypto exchanges such as Binance and WazirX, which have stated that they will remove USDC from their platforms in order to support stablecoins.
Robinhood’s July offerings included the Uniswap UNI token.
Johann Kerbrat (Robinhood’s chief technology officer) stated on Tuesday that he would be discussing the addition of USDC during the Converge22 conference next week in San Francisco.