Fintech giants Robinhood and Revolut eye stablecoins [Fortune]
SOCIETE GENL FRNCE S/ADR (SCGLY)
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Source: Fortune
will finally loosen Tether Holdings Ltd.'s grip on the rapidly expanding $170 billion digital-asset sector. Robinhood and Revolut, two of the most valuable fintechs, have both been kicking the tires on issuing their own stablecoins, but the firms could still opt not to proceed, said people with knowledge of the matter. They asked not to be identified discussing confidential information. Upstarts have tried to compete with Tether's USDT for years, with most having little to show for it. Circulation of the stablecoin — a type of token designed to maintain a constant value — has swelled to almost $120 billion, accounting for more than two-thirds of the market by that measure. Runner-up USDC stands at $36 billion, according to CoinGecko data , and other stablecoins are far smaller. But with the European Union poised to fully adopt wide-ranging crypto rules at the end of this year, Tether faces heightened uncertainty. Under regulations known as MiCA, crypto exchanges operating in the
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