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Vlad Tenev, co-founder and CEO of Robinhood (Hood), showed on Tuesday that he is bullish on lawmakers pushing the Stablecoin Act this year.
“I think so,” said Tenev when asked on the Yahoo Finance opening bid podcast if the industry would get stable law this year (see video above). “So there was already a stabcoin bill circulating and there was even before the election, so I think this seems like an issue with more consistency.”
Stubcoin is a low-volatile cryptocurrency supported by US dollars.
Earlier this year, top lawmakers, including Republican Sen. Tim Scott, who heads the Senate Banking Committee, announced a working group to accelerate the timeline on key elements of digital asset law. Scott is working with Trump administration’s code emperor and Silicon Valley investor David Sachs.
Republican Sen. Bill Hagerty recently introduced a bill regulating Stablecoins called Stablecoins.
“I think the real stubcoin needs to figure out a better way for them to inspire interest,” Tenev said. “We’re in a high profit environment. Many major stubcoins don’t have a good way to do that.”
Read more: 5 Smart Ways to Use a High Yield Savings Account
“I think it’s an opportunity to encourage more recruitment,” Teff continued. “If you can easily get 4% with Stablecoin, then there’s not only a reason to trade it when you’re doing Crypto, but there’s also a reason to keep your money in that Stablecoin. At least keep your money It matches with a high yield savings account, which I think is very strong.
For Robinhood, the deployment of Stablecoin could add another growth vector to the platform.
In January, the trading platform debuted futures and index options trading following the debut of election contracts ahead of last year’s presidential election.
The company has since released Robin Hood Legend, which was billed as a sophisticated platform targeting more sophisticated traders.
Robinhood Legend allows users to open up to eight charts in one window, increasing various technical metrics such as Bollinger bands.
Market opened at 3:14:29pm.
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Last year, Robinhood acquired Crypto Exchange Bitstamp in June and scooped AI-powered investment research firm Pluto in July. In March, we also launched a credit card offering 3% cashback, aiming to become credit players American Express (AXP) and Visa (V).
The story continues