Circle, Robinhood Partner to Simplify, Expand Use of USDC
Circle Internet Financial, the issuer of USD Coin (USDC) and Euro Coin (EUROC), has partnered with Robinhood to make it easier for customers to learn about and use USDC.
With the partnership, customers on Robinhood Crypto and the new Robinhood Wallet can now buy, sell and receive USDC, according to a Wednesday (Sept. 28) press release.
In addition, the companies will develop in-app educational modules that cover the fundamentals of USDC and stablecoins. Customers who complete the free courses will be eligible to earn rewards paid in USDC, the release stated.
“The launch of USDC on a celebrated consumer platform like Robinhood reinforces the role USDC plays in greater payments and commerce use cases,” said Circle co-founder and CEO Jeremy Allaire. “Through this partnership, we look forward to jointly introducing [Web3] to a new generation of tech-savvy and digitally-connected individuals.”
The Robinhood Wallet, a Web3 wallet that is now in beta, enables customers to access, trade and transfer USDC. Early next year, Circle’s payment infrastructure will be used to help improve settlements across Robinhood products, per the release.
Read more: Robinhood Releases Beta Version of Web3 Wallet
“USDC will play a crucial role in helping our customers get their dollars into [Web3] through a trusted and transparent source,” said Johann Kerbrat, chief technology officer and general manager of Robinhood Crypto. “It’s a crucial addition to our product to enable our customers to experience [Web3] dapps and defi, without exposing themselves to volatility within the market.”
As PYMNTS reported Tuesday, USDC is backed by an audited reserve of U.S. dollars and short-term Treasuries, and it is being used by a growing number of payments processors. For example, Checkout.com and FIS Worldpay both added USDC support in the past six months.
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