Robinhood has begun using stablecoins for weekend settlements, driven by the benefits of instant settlements and anticipating mass adoption of stablecoins.
Stablecoins in Robinhood's Settlements
Robinhood CEO Vlad Tenev revealed during the company's latest earnings call that it began using stablecoins for weekend settlements. Tenev cited the advantage of stablecoin’s 24-hour instant settlement as a key benefit.
Company's Stablecoin Strategy
Robinhood is partnered with Paxos on the Global Dollar project and sees the potential for stablecoin mass adoption. The company highlights the importance of yield from reserves, which makes projects like Global Dollar preferable for asset holding, according to Tenev.
Robinhood's Crypto Business Growth
Crypto remains a significant revenue driver for Robinhood. The platform witnessed a 10% increase in accounts, reaching 26.2 million users in the last quarter, and over $1 billion in revenue. Crypto transactions accounted for 30% of Q4 revenue. The company successfully launched new products like Robinhood Derivatives and Robinhood Legend.
Robinhood has made a significant move by integrating stablecoins into its settlements, seeing their potential for mass adoption. The company's successful crypto business development and revenue growth highlight the importance of new technologies.
