Revolut to Launch Its Own Stablecoin as It Expands Crypto Services

Fintech giant Revolut is planning to launch its own stablecoin. Sources indicate that Revolut, which recently secured a U.K. banking license and was valued at $45 billion earlier this year, is progressing well with this initiative.

A Revolut spokesperson confirmed the company’s goal to enhance its crypto services while emphasizing a commitment to regulatory compliance and safety. The firm aims to be a secure and accessible platform for cryptocurrency enthusiasts.

The stablecoin market, currently dominated by Tether’s USDT with a $119 billion market cap, is expanding with new competitors. Circle’s USDC is the second-largest, and other notable entries include PayPal’s new stablecoin and upcoming tokens from Ripple and BitGo.

Stablecoins, pegged to real-world assets, often invest in government debt, generating significant profits. Tether, for instance, reported a $5.2 billion profit in the first half of the year. The new European crypto regulations, known as the MiCA framework, are likely influencing this trend.

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Revolut, which has been facilitating crypto transactions through its app and recently launched a dedicated cryptocurrency exchange, continues to expand its offerings in the digital asset space.

Source

Alexander Stefanov