Robinhood Stock Rallies 12% As EU Wing Announces USDC Listing
Highlights
- Robinhood announced the listing on USDC on Europe platform.
- The crypto exchange also rolled out two USDC rewards program.
- The HOOD stock surged nearly 12% pre-market after the announcement.
Robinhood’s Europe wing has listed USD Coin (USDC) on its platform recently, expanding its offerings to over 25 cryptocurrencies. In addition, the crypto exchange has rolled out a program for USDC holders that can help them earn up to 10% rewards. Moreover, the Robinhood stock rallied nearly 12% in the pre-market session today.
Robinhood EU Offers USDC Rewards
In a March 14 post on X, the Robinhood EU wing announced the listing of USDC stablecoin, marking a significant achievement after Europe expansion in late 2023. In addition, the crypto exchange promoted the reward program, stating, “Check out our latest limited-time offer and earn up to 10% in rewards on the USDC you hold natively in the Robinhood Crypto app.”
The reward program will provide incentives to Robinhood users who hold USDC from March 1 to June 15. To qualify for the rewards, customers must hold USDC at any time during the offer period and trade any supported crypto on the platform. Participants can earn rewards of up to 10%, with a maximum payout of €1,000 ($1,094) in USDC during the promotional period.
Moreover, another program aim to incentivize users to engage with the platform and expand their crypto knowledge, offering €5 of USDC. Robinhood’s USDC Learn and Earn campaign urges users to access the “Learn about crypto” section on their crypto home tab. In order to earn incentives, one must select the “Learn and Earn €5 USDC” option in the section.
Also Read: Stablecoin Regulation: EU Drafts Complaints Rules Under MiCA
HOOD Stock Surges 12%
The announcement pushed the HOOD stock price above $19. In the pre-market session, the Robinhood stock price soared 11.36% to $19.11 (up by 1.95 points) on Thursday, March 14. The surge in Robinhood stock paves way for a gap up from the previous close and extending the gains.
On Wednesday, the HOOD stock closed at $17.16, gaining 4.70% or 0.77 points. Moreover, if the Robinhood stock price opens at the pre-market level, it could record a fresh 52-week high. Currently, the HOOD stock’s 52-week high stands at $17.62. Furthermore, the recent rally recovered the losses incurred during the slump in the beginning of the week.
On Tuesday, March 12, the Robinhood stock price closed at $16.36, representing a 2.96% decline. In addition, it indicated a plunge of about 4% from last week’s close of $17. On the other hand, stock broker Bernstein started the coverage of Robinhood’s stock on Thursday and provided an “Outperform” rating with a $30 price target.
Also Read: Just-In: HKMA Introduces Regulatory Sandbox for Stablecoin Issuers
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