Robinhood shares rose 1.8% in morning trading on Friday following a Bloomberg report that the U.S. federal government is considering giving the fintech company a key role in overseeing the new "Trump accounts" being created for children.

According to the report, Robinhood has already begun internal preparations in case it’s selected to become a trustee for the project. The Treasury Department is reportedly considering selecting up to three firms to serve as initial trustees for the program, with an announcement expected soon.

The potential selection would give Robinhood a significant role in a high-profile government initiative. Notably, some of the country’s largest brokerages, including Fidelity Investments and Vanguard Group Inc., have not been included on the list of candidates for the initial rollout, Bloomberg reported.

The "Trump accounts" refer to a new program established under President Donald Trump’s administration that aims to create investment accounts for children. If selected, Robinhood would be responsible for helping to oversee these accounts, potentially expanding its user base and strengthening its position in the financial services industry.

Robinhood, known for its commission-free trading platform that gained popularity among younger investors, could leverage this government partnership to further establish its credibility in the financial services sector.