Robinhood and Revolut are mulling the possibility of issuing their own stablecoins as a reflection of the continued expansion of the sector, Bloomberg has reported.
The stablecoin market has been largely dominated by Tether's USDT, which has gained a significant advantage from macroeconomic events and instability in the cryptocurrency market over the past two years.
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During this time, USDT, which is pegged to the US dollar, has captured more than 20% of market share and currently controls more than 75% of the entire stablecoin market.
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However, neither Robinhood nor Revolut have officially announced their intentions to enter the stablecoin market, despite Bloomberg's claims.