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Robinhood’s recent statements have put an end to swirling rumors about its entry into the stablecoin arena. But those expecting the fintech player to jump in will have to hold their horses. Johann Kerbrat, VP and General Manager of Robinhood Crypto, set the record straight, confirming no “immediate plans” to roll out a Robinhood stablecoin.

“At this point, we don’t have any immediate plan to launch a stablecoin. The rumors are always interesting, but we haven’t really spent time on it,” Kerbrat told Decrypt. His words followed speculation triggered by a Bloomberg report that linked both Robinhood and Revolut to stablecoin development plans.

Yet, when further questioned about any potential moves, Kerbrat chuckled at how the crypto rumor mill spins. “On our side, we don’t have any imminent plan. It’s always kind of funny in my position to see where people think we’re going to move next,” he added.

Revolut Remains Quiet, But Whispers Persist

Revolut, meanwhile, kept its cards close to its chest. The European neobank refused to offer any official comment on the matter. However, whispers from insiders hinted that Revolut was “exploring” a stablecoin venture, but there’s no timeline set in stone yet.

This buzz comes on the heels of market speculation that both fintech giants might want a slice of the stablecoin pie, currently ruled by Tether (USDT). Tether, which dropped in 2014, has a market cap of $119 billion, snagging about 68% of the $173.5 billion total stablecoin market. Cracking this market isn’t exactly a cakewalk, even for companies with big names and fat wallets.

Market Giants Struggling to Make a Dent

Robinhood isn’t exactly a stranger to the stablecoin game, though. The firm already lists Circle’s USD Coin (USDC), the second-largest stablecoin with a $36.3 billion market cap. Revolut, on its end, is expanding its crypto footprint, offering services like Ethereum staking. But so far, neither fintech giant seems in any rush to take the plunge.

Just ask PayPal. Its PYUSD stablecoin? Still a minnow in the pond with a supply hovering at $710 million. And even bigger names like JPMorgan Chase, Meta, and Binance have hit roadblocks in their attempts to capture stablecoin market share.