London fintech giant to launch stablecoin rival PayPal, others
Fintech giant Revolut is reportedly in the advanced stages of developing its stablecoin, a move that would position the London-based company alongside major players like PayPal and Ripple in the booming digital currency space.
According to sources familiar with the project, Revolut is aiming to leverage its recently acquired UK banking license to introduce a secure and compliant stablecoin that aligns with its vision of offering seamless, borderless banking.
The launch of a Revolut stablecoin would be a strategic step in the company’s broader effort to expand its crypto services and capitalize on the lucrative stablecoin market, which is currently dominated by heavyweights like Tether’s USDT and Circle’s USDC.
With stablecoins typically backed by real-world assets such as government-issued bonds, they generate significant profits for issuers. For instance, Tether reported an impressive $5.2 billion in profits in the first half of 2023 alone.
A Revolut spokesperson commented that cryptocurrency plays a central role in the company’s vision for the future of banking, emphasizing that the company is committed to offering safe, accessible crypto-driven services to its users.
This ambition is reflected in Revolut’s recent moves, such as launching a standalone cryptocurrency exchange for advanced traders in May 2024.
The company has long been a leader in integrating crypto into traditional finance, allowing its users to easily buy and sell digital assets through its app.
As regulatory frameworks like the EU’s Markets in Crypto Assets (MiCA) continue to evolve, Revolut is focusing on ensuring its crypto offerings are fully compliant with global standards.
This commitment to regulation, along with the development of its stablecoin, positions Revolut to further solidify its presence in the rapidly expanding digital finance ecosystem.
Although no official timeline has been given for the stablecoin’s release, the company’s move signals its determination to become a major player in the growing world of digital currencies, competing directly with other fintech and blockchain giants.
