Hood Stock Rises on Planned Collaboration With Circle to Offer USDC


Hood stock was trading on Wednesday at $9.99 as of 02:31 PM EDT.

Robinhood Markets (NASDAQ:HOOD) has partnered with Circle to offer USCoin (USDC-USD).

The cooperation would provide in-app educational sessions, reward clients, and boost settlement efficiency. It permits the transfer and use of USDC on Robinhood’s (HOOD) beta wallet.

Robinhood (NASDAQ:HOOD) will integrate with Circle’s payment infrastructure to make settlement more efficient. The business said the repair will begin immediately and be completed in early 2023.

“USDC will play a significant role in enabling our consumers to receive their funds into web3 through a reliable and transparent source,” said Johann Kerbrat, CTO and GM of Robinhood Crypto. “It’s a critical addition to our solution that lets users experience web3 dapps and defi without market instability.”

Robinhood Stock And Virtu Stock Rose Following The Report The SEC Will Permit Remuneration For Order Flow

HOOD adopted USDC as its first stablecoin last week. Stablecoins are digital tokens whose value is related to a reference asset, such as the U.S. dollar. Circle issues USCoin (USDC-USD), which is backed by cash and short-term Treasurys. The company is licensed in various states and examines USDC reserves annually.

According to Circle, USCoin (USDC-USD) is backed entirely by cash and short-term U.S. Treasury securities. The business performs annual audits for USDC reserves and is a licensed money transmitter in numerous states. HOOD announced earlier this month that it is working on enabling customers to transfer Cardano (ADA-USD) tokens in and out of its cryptocurrency platform.

Hood Stock Outlook 

In response to the SEC news, Hood stock initially rose on September 22, but it later gave up those gains. The explanation was straightforward: None of Robinhood’s other urgent issues had been resolved.

Instead, Robinhood just disclosed that its assets under custody continued to decline and that its MAUs dropped to just 13.3 million at the end of August. Regardless of what the SEC decides to do regarding PFOF trades, investors will continue to avoid Robinhood’s stock unless those continuous losses are stabilized.

Featured Image-  Megapixl @ Vladsseven

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