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After top crypto exchange Binance announced plans to soon end support for USDC transactions, the stablecoin made a big move. Circle, the company behind the second largest stablecoin, has now joined hands with investment platform Robinhood. This could be a huge development in not just USDC expansion but also for the crypto ecosystem. In the U.S., Robinhood is a huge player in the traditional stocks purchasing scene.
USDC Expansion Continues After Binance Delisting News
Overall, the partnership is a win-win for either sides considering the fact that USDC is a top 4 ranked cryptocurrency. The stablecoin currently has a market capitalization of $50 billion, following its rival Tether’s USDT at $67.90 billion. The Robinhood USDC pact comes at a time when USDC is growing faster than Tether. In fact, it was recently estimated that USDC would surpass Tether in a very short time.
A report by Arcane found that stablecoins expanded massively in the first four months of 2022. This was before the crypto prices started to dip further and further. Going by the growth rates at the time, it seemed that USDC could soon exceed USDT in market size. While USDC showed a growth rate of 70.4%, USDT was growing at 28.7%. If the same trend continued, USDC would dethrone Tether’s position as the biggest stablecoin by October 2022, the report predicted.
Recently, Binance announced that it would discontinue support for various stablecoins including USDC. Instead, the top exchange will prefer its own token BUSD for stablecoin based transactions. The exchange said the move was aimed at ‘to enhance liquidity and capital efficiency for customers’.
The Bull Run Momentum
However, the turnaround in stablecoin market position is unlikely to happen in the timeframe as per current figures. The Robinhood partnership would surely help USDC’s prospects but the growth would depend on the overall market sentiment. If crypto market catches up speed to return to a bull run, there could be huge activity around stablecoins. On the other side, Robinhood will also benefit from facilitating USDC purchases and redemptions from Circle.
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