Popular commission-free trading app Robinhood has denied rumors about its stablecoin plans. 

The public company has clarified that it has no intention to join this sector in the near future. 

Last week, Bloomberg reported that Robinhood was interested in making a foray into the stablecoin market. The report cited people fa

Meanwhile, the stablecoin market is becoming increasingly crowded with major players jumping into the fray. 

As reported by U.Today, Ripple officially introduced its own stablecoin product in April. The RULSD stablecoin ended up entering its beta testing phase in late summer. The stablecoin is expected to become available to the general public later this year.

Earlier today, the San Francisco-headquartered company issued a warning about scams involving the RLUSD stablecoin. The newly issued tokens are not available for the general public for now. 

London-based neobank Revolut also intends to introduce its own stablecoin. Its entry into the market is yet to be confirmed. 

Of course, the stablecoin market is already extremely crowded, with Tether's USDT alone boasting a market cap of $119.7 billion. Meanwhile, Circle's USDC is the sixth-biggest cryptocurrency with a market cap of $35.7 billion, according to CoinGecko data.   

With that being said, some market observers like prominent broker Bernstein are convinced that the stablecoin market could balloon to nearly $3 trillion over the next five years. 

Such tokens are increasingly gaining traction as a means of payment around the globe.