Robinhood And Circle Partner Up To Give Users Access To USDC

On Tuesday, Robinhood Markets announced the launch of its beta Web3 wallet and last week, it also listed the USDC stablecoin on its exchange platform, Robinhood Crypto.

This week, the company disclosed that it had entered into a strategic partnership with the issuer of the USDC stablecoin, Circle Financial.

Revealed on Wednesday, the deal would enable users of both Robinhood Crypto and Robinhood Wallet to buy and sell the stablecoin and they would also be able to earn USDC rewards via exclusive in-app education modules.

The USDC

The announcement from Robinhood Markets about its deal with Circle was made via a blog post on Wednesday.

The California-based company said that USDC was the first stablecoin that had been added on Robinhood Crypto for buying and selling, along with the beta version of Robinhood Wallet.

The GM of Robinhood Crypto and its chief technology officer, Johann Kerbrat said that the stablecoin would play a vital role in helping their clients get their dollars into Web3 via a transparent and trusted source.

He added that this addition was a crucial one to their offerings because it would help their clients in experiencing Web3 DeFi and Dapps and do it without exposing themselves to market volatility.

Exclusive programs

The announcement of the partnership was made by Kerbrat in San Francisco at the Converge22 event conducted by Circle.

When making the announcement about the partnership with Robinhood, Circle also said that the two businesses were planning on offering exclusive educational modules in their apps for helping users earn USDC rewards.

The chief executive and co-founder of Circle, Jeremy Allaire said that the support from Robinhood would only reinforce the role of the USDC stablecoin in commerce use cases and payments.

Other than the Robinhood Crypto platform, USDC will also be supported on the Web3 Robinhood Wallet that was recently rolled out to 10,000 customers of the company.

Where education modules are concerned, Robinhood disclosed that it had developed the ‘Learn and Earn’ programs by collaborating with Circle closely.

These programs will be accessible to all of Robinhood’s users via the company’s app and the announcement said that they would be rolled out broadly in the next few months.

Other news

Meanwhile, USDC, which is the largest stablecoin by market capitalization, which was around $49.11 billion, as of September 28th, has seen this decline in recent days.

This is primarily because of the announcement by Binance a couple of weeks about delisting the USDC stablecoin from its platform, along with two others.

Even though Circle’s CEO reassured the community that this would just increase USDC’s flows on the Binance platform, its value has taken a bit of a hit.

Moreover, Binance has already begun the auto-conversion process of the USDC and the other two stablecoin holdings on its platform.

This has seen a massive rise in the outflows of the USDC stablecoin on the Binance crypto exchange, which is the world’s largest on account of its trading volumes.