Robinhood adds support for USDC

Popular crypto & stock platform Robinhood added support for second biggest stablecoin USDC.

Robinhood is a popular crypto cum stock platform and is known as a rival of the Coinbase exchange. Initially, Robinhood was providing only stock assets trading but later increasing demand for cryptocurrencies globally, the platform jumped into the crypto sector.

On 20 September, Robinhood announced that it added support for USDC, the second biggest stablecoin by market cap.

All the Robinhood users can deposit USDC funds via Ethereum & Polygon network. And users can hold & trade against USDC as a US dollar.

Earlier this, Robinhood listed Cardano (ADA) and also later confirmed that it will allow third-party deposit & withdrawal for all the crypto assets in near future.

Circle getting advantages because of Terra collapse

In May of this year, during extreme volatility in the crypto market, Terra USD (UST) stablecoin collapsed badly and that created questions about all the existing stablecoins in the crypto industry.
At that time, many stablecoins faced sudden shakes because of a shake in the trust among the stablecoin users.
In particular, the biggest stablecoin USDT (Tether) plunged by around 5%, which was a very big question behind the pegged value of USDT.
As we know that already many questions were about the backend operations behind Tether by rival companies and also there was huge pressure on Tether because of the commercial debt papers holdings by the company.
All these resulted in a bad image for USDT but the same situation emerged as a positive outcome for the USDC coin.

Now USDC lagging behind USDT by only a $17.8 Billion market cap and probably in the next year it may surpass USDT easily because of its transparent backend operations.

Read also: Nasdaq planning to provide crypto custody services