Robinhood dismissed speculations regarding the company’s entry into the stablecoin market, confirming on Monday that Robinhood (HOOD) has no “immediate plans” to launch its own 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.” Robinhood Crypto’s Vice President and General Manager Johann Kerbrat told Decrypt.

He was addressing a Bloomberg report last week saying that both Robinhood and Revolut were considering launching stablecoins.

However, when pressed further about any imminent plans, the Robinhood VP added: “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.”

Meanwhile, Revolut refused to comment on the matter.

A source familiar with the European neobank told Decrypt that a stablecoin was being “explored,” but that specific details—like a timeline—had not yet been carved out.

This development follows recent speculation that fintech heavyweights were looking to compete in a stablecoin market currently dominated by Tether (USDT). The stablecoin, launched in 2014, currently boasts a $119 billion market capitalization and accounts for approximately 68% of the total $173.5 billion stablecoin market. Entering this space would be a considerable challenge for any new player.

Robinhood has already made strides in the stablecoin landscape by listing Circle’s USD Coin (USDC), the second-largest stablecoin with a $36.3 billion market capitalization. Revolut, on the other hand, has expanded its crypto offerings, including staking services for tokens like Ethereum.

But, for now, both companies’ entry into the fray appears to be on hold.

The stablecoin market has been notoriously tough to break into, even for established giants.

PayPal’s PYUSD, for instance, remains a minor player with a supply of around $710 million, despite the company’s vast user base. Other financial giants, such as JPMorgan Chase, Meta (Facebook), and Binance, have faced significant hurdles in establishing their foothold.

Edited by Stacy Elliott.