According to Bloomberg, Robinhood and Revolut, two large fintech companies, are considering entering the market for stablecoins.
Their goal is to challenge Tether’s dominant position in the market. While neither company has made a definite commitment yet and there are no official statements from employees, the timing for this move seems ideal. Robinhood and Revolut are not the only major firms exploring stablecoins.
On Thursday, Ethena Labs introduced a new stablecoin, backed by the BlackRock USD Institutional Digital Liquidity Fund (BUIDL).
This stablecoin is designed to mimic the stability of traditional stablecoins, as its value is tied to BUIDL, a fund that includes US dollars, short-term US Treasury bills, and repurchase agreements.
