Robinhood Launches Crypto Transfers in Europe, Denies Stablecoin Rumors

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Robinhood has expanded its crypto services to Europe, allowing customers to transfer digital assets to and from its platform. The move reveals the US financial services company’s commitment to expanding its product offerings and strengthening its global presence in the crypto market.

European Union customers can now deposit and withdraw over 20 cryptocurrencies, including Bitcoin, Ethereum, Solana and USDC, through the Robinhood platform. The service also allows users to store their belongings themselves instead of relying on third-party storage. As a promotional strategy, Robinhood gives customers 1% of the value of their deposited tokens back in the equivalent cryptocurrency they transfer.

This development comes less than a year after Robinhood Crypto entered the EU market, initially allowing customers to buy and sell crypto without the ability to transfer it off the platform.

Robinhood CEO and Vice President Johann Kerbrat cited crypto-friendly regulations in the 27-member European bloc as a key factor in the expansion, noting potential improvements once the Markets in Crypto Assets (MiCA) framework is fully implemented.

No stablecoin launch with Revolut

Despite speculation that Robinhood was exploring stablecoin launches alongside Revolut, the company strongly denied the claims.

“We have no imminent plans. It’s always kind of funny in my position to see where people think we’re going to move next,” Kerbrat said.

The European crypto market landscape continues to evolve, with companies such as Circle obtaining Electronic Money Institution (EMI) licenses to offer dollar- and euro-pegged crypto tokens under MiCA. Circle’s USDC stablecoin currently leads regulated stablecoins with $23 billion in volume, challenging reserve-backed First Digital USD’s (FDUSD) 14% market share.

Tether’s USDT, the dominant player in the stablecoin market, may face increased competition as EU regulations improve. Unlike USDC, USDT does not have an EMI license, and Tether CEO Paolo Ardoino remains skeptical of MiCA’s requirement to support 60% bank cash.

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