The market cap for stablecoins — cryptocurrencies that promise a fixed value peg to another asset — has recently reached all-time-high levels after a sharp drop in 2023.
Monthly payments in stablecoins tripled to $1.4 trillion in the 12 months leading up to July.
This could have investment implications for Robinhood down the road, he added, as it "continues integrating stablecoins for crypto trading & cross-border transfers."
Crypto investors watch stablecoins closely for evidence of demand, liquidity and activity in the market.
PayPal last year launched its own dollar-backed stablecoin, while Visa has been supporting stablecoin payments and Mastercard is supporting stablecoin wallets and other crypto card programs.
Persons:
—, Bernstein, Gautam Chhugani, Kevin Dede, Wainwright, Dede, Goldman Sachs, Wells, Rob Goldstein, Michael Bloom
Organizations:
H.C, JPMorgan, PayPal, Visa, Mastercard, BlackRock, New, Financial
Locations:
New York City, Boston, New York