Robinhood has launched crypto exchanges in Europe, denying stablecoin rumors

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Robinhood has launched crypto transfer services in Europe with support for more than 20 cryptocurrencies. The company offers a 1% crypto return on deposits as a launch promotion.

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Robinhood expands crypto services in Europe, allowing customers to transfer digital assets in and out of its platform. This move demonstrates the US financial services company's commitment to expanding its product offering and strengthening its global presence in the crypto market.

EU customers can now deposit more than 20 cryptocurrencies through the Robinhood platform, including Bitcoin, Ethereum, Solana and USDC. The service allows users to store their assets themselves instead of relying on third-party storage. As a promotional strategy, Robinhood is returning 1% of the value of deposited tokens to customers in the equivalent cryptocurrency.

This development comes less than a year after Robinhood Crypto entered the EU market, initially allowing customers to buy and sell without the ability to transfer from the platform.

Johannes Kerbrat, general manager and vice president of Robinhood, cited improvements as a key issue for the expansion is the 27-member European Union's crypto-friendly regulations when the Markets in Crypto-Assets (MiCA) framework is fully implemented.

There is no stable coin with Revolut.

Although Robinhood has reportedly been researching stablecoin startups alongside Revolut, the company has vehemently denied these claims.

“We have no immediate plans. It's always funny in my place to see where people think we're going next,” Kerbrat said.

The landscape of the European crypto market continues to evolve, with companies such as Circle obtaining an Electronic Money Institution (EMI) license to issue dollar and euro-pegged crypto tokens under the MCA. Circle's USDC stablecoin currently leads the stablecoin market with a volume of $23 billion, backed by a reserve-backed First Digital Dollar (FDUSD) with a 14% market share.

Tether's USDT, a major player in the stablecoin market, may face intense competition as EU regulations evolve. Unlike USDC, USDT does not have an EMI license, and Tether CEO Paolo Arduino remains skeptical of MCA's need for 60% backing from bank cash.

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