Robinhood Stock Trends Higher: What's Happening?
Robinhood Markets Inc shares are rising Tuesday. Robinhood and Ripple announced a partnership that gives Ripple’s RLUSD stablecoin a central place for everyday and institutional customers. Robinhood is also due to report .Robinhood Markets stock is among today’s top performers. Robinhood Stock Rises On Ripple Stablecoin PartnershipRipple and Robinhood announced Tuesday that RLUSD, Ripple’s stablecoin, will be a central coin on Robinhood’s platforms for both individual and institutional customers. The two companies are also working together on Robinhood’s treasury operations and on institutional trading.A stablecoin is a digital token built to hold a steady value, usually tied to a currency like the U.S. dollar. RLUSD is Ripple’s version, and Ripple supplies blockchain technology to firms across conventional and crypto finance. Users of Robinhood Chain and of Bitstamp by Robinhood, the company’s crypto exchange arm, can already use RLUSD. The Robinhood app is next, later this year, and Robinhood will also use the coin to settle institutional trades.Robinhood is also adopting Ripple Treasury software to automate how it manages its own money worldwide. Ripple Prime, Ripple’s institutional trading service, will deepen its role at Bitstamp as well. There, it already supplies loans and margin financing on roughly 20 tokens, and its clients can trade spot markets. Perpetual futures trading is slated for later this year.Ripple President Monica Long highlighted “the breadth” of what the companies are building together. Johann Kerbrat, who runs Robinhood Crypto and International, added that “utility is what moves stablecoins forward.”The deal lands as stablecoins grow. Total supply has passed $300 billion, while RLUSD’s value tops $2.5 billion after its December 2024 launch. Robinhood counts 28.6 million customers with funded accounts worldwide.Robinhood Earnings Arrive After the CloseRobinhood reports third-quarter results after the market closes Tuesday. Wall Street models $1.42 billion in sales, against $1.27 billion in last year’s third quarter and a record $1.31 billion in the second quarter. Earnings are forecasted at 56 cents a share, versus 61 cents a year earlier.Across its past 10 reports, Robinhood has beat revenue forecasts seven times and earnings forecasts eight times, most recently in the second quarter.HOOD Shares Are ClimbingHOOD Price Action: were up 3.63% at $96.24 at the time of publication on Tuesday, according to .Preview Image: Shutterstock