- Fintech giant Revolut is in the final stages of developing its own stablecoin, following in the footsteps of major players like PayPal, Ripple, and BitGo.
- Revolut's strategy focuses heavily on compliance and security, with the company positioning itself as a potential safe haven for crypto users.
Fintech giant Revolut is reportedly in the final stages of creating its own stablecoin, according to a CoinDesk report. The company, which recently received a UK banking license, plans to follow major players like PayPal, Ripple, and BitGo, who have recently entered the stablecoin market.
Insiders say Revolut aims to establish itself as a major player, focusing on compliance and security for crypto users. The move comes as more companies enter the stablecoin space.
A Revolut spokesperson stated that the company aims to expand its crypto services with a focus on compliance, striving to be a safe haven for the entire crypto community.
“Crypto is a big part of our belief in banking without borders and we have a clear mission to become the safest and most accessible provider of crypto asset services,” a Revolut spokesman told Coindesk.
Stablecoins are linked to real-world assets like government-issued debt, offering steady returns through interest payments, which makes them appealing to companies. Led by Tether’s USDT with a market cap of around $119 billion, is attracting more new players. Circle’s USDC is the second-largest stablecoin, though it's about one-third the size of USDT.
Last year, PayPal entered the market with its own stablecoin, and blockchain companies like Ripple and BitGo are gearing up to join soon, with BitGo planning its launch at Token2049 in Singapore.
Revolut has been involved in cryptocurrency for years, having launched crypto trading within its app some time ago. In May, the company took another step by launching a standalone cryptocurrency exchange aimed at experienced traders, further expanding its role in the digital asset market.
Edited by Harshajit Sarmah
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Harshajit Sarmah
