September 24, 2022

Retail trading giant Robinhood has just added top stablecoin USD Coin (USDC) to its list of supported digital assets as the platform sees reduced trading activity due to the crypto winter.

In the new one announcement via Twitter, the company says the second largest dollar-pegged stablecoin is now included in its trading list, as of September 21.

According to the announcement, USDC will be transferable on both the Ethereum (ETH) and Polygon (MATIC) networks.

The company also recently added Ethereum rivals Avalanche (AVAX) and Cardano (ADA) as well as XRP challenger Stellar (XLM) to its platform.

Robinhood is rolling out support for new assets as it admits it is fighting due to the current market decline.

In early August, the company laid off 23% of its workforce due to declining client activity. Robinhood CEO Vlad Tenev explained that the company hired more employees than it currently needs.

“We have seen a further deterioration in the macro environment, with inflation at 40-year highs, accompanied by a broad decline in crypto markets. This further reduced client trading activity and assets under custody.”

Despite the downturn, Robinhood is seeing a positive response to its custodial-free multi-chain crypto wallet, which the company says saw more than a million people join its waiting list just two months after opening.

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