Revolut advances in the development of its own stablecoin

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Revolut advances in the development of its own stablecoin
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British fintech Revolut is in the advanced stages of developing its own stablecoin, sources familiar with the matter told CoinDesk on Sept. 17. The company, which obtained a banking license in the U.K. earlier this year, is looking to follow the example of major players in the industry such as PayPal, Ripple and BitGo, which have also recently entered the stablecoin market.

With this initiative, Revolut aims to consolidate its position in the growing crypto ecosystem. The company aims to provide a safe and regulatory-compliant environment for its users.

According to two sources familiar with the plan, the development is in line with the company’s mission to provide a secure and accessible crypto ecosystem. While an official launch date has not yet been announced, the stablecoin development is part of a broader strategy to expand Revolut’s services in the crypto space.

A spokesperson for the company said that cryptocurrencies are a central part of Revolut’s vision to offer “banking without borders.” He also highlighted that the company aims to provide a range of secure and accessible financial services powered by crypto technology.

Revolut to launch stablecoin

The stablecoin market has been highly lucrative in recent years, dominated by big names such as Tether (USDT) and Circle (USDC). These coins, which are usually backed by real assets, generate significant revenues for the companies that issue them. Tether, for example, reported profits of $5.2 billion in the first half of 2023 alone.

Revolut has been a pioneer in integrating crypto into its platform for several years. In May, the company launched a cryptocurrency exchange aimed at advanced traders, in addition to its existing app features that allow the buying and selling of digital assets.

With crypto markets regulation advancing, particularly in the European Union through the Markets in Crypto Assets (MiCA) regulation, Revolut appears well-positioned to expand its offerings in this sector. The fintech said it is committed to following global compliance standards. This should further strengthen its presence in the ever-evolving digital finance market.

Revolut advances in the development of its own stablecoin

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Revolut advances in the development of its own stablecoin

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Revolut advances in the development of its own stablecoin

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