Revolut in advanced stages of plan to launch its own stablecoin Revolut in advanced stages of plan to launch its own stablecoin
London's fintech leader is looking to compete with industry giants like PayPal by developing its own stablecoin.
1 min read
Updated: Sep. 18, 2024 at 5:59 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Fintech giant Revolut is reportedly in the advanced stages of developing its own stablecoin, CoinDesk reported on Sept. 17, citing sources familiar with the matter.
Revolut, which secured a UK banking license earlier this year, aims to follow the lead of major industry players like PayPal, Ripple, and BitGo, all of which have recently entered the stablecoin market.
According to two sources close to the plan, Revolut is well along in the development process, aligning with its mission to offer a secure and compliant crypto ecosystem. The move would mark a significant step in the London-based company’s broader strategy to expand its crypto services.
Meanwhile, a company spokesperson told the newswire that crypto is a “big part” of the lender’s vision for “banking without borders,” and it intends to provide a suite of safe and accessible crypto-driven services.
The highly lucrative stablecoin sector, which is currently dominated by Tether’s USDT and Circle’s USDC, has attracted a growing number of new entrants. Stablecoins, typically backed by real-world assets like government-issued debt, generate significant interest revenue for the companies issuing them. Tether alone reported $5.2 billion in profits in the first half of 2023.
Revolut has been at the forefront of integrating crypto into its platform for several years. In May, the company launched a standalone cryptocurrency exchange for advanced traders, adding to its existing app features that allow for the buying and selling of digital assets.
As regulatory frameworks like the EU’s Markets in Crypto Assets (MiCA) guidelines continue to take shape, Revolut appears poised to expand its crypto offerings while adhering to global compliance standards.
While Revolut has yet to provide a timeline for the official release of its stablecoin, the move signals the company’s ambition to solidify its role as a leader in the evolving digital finance landscape.
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Author 
Assad Jafri
AJ, a passionate journalist since Yemen's 2011 Arab Spring, has honed his skills worldwide for over a decade. Specializing in financial journalism, he now focuses on crypto reporting.
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In this article
USD Coin
$0.99970
USD Coin (USDC) is a stablecoin fully backed by the US dollar and developed by the CENTRE consortium.
Tether
$1.00051
Launched in 2014, Tether is a blockchain-enabled platform designed to facilitate the use of fiat currencies in a digital manner.
Revolut
Revolut is a financial technology company that offers a range of financial services, including a digital banking platform, foreign currency exchange, stock trading, cryptocurrency trading, and other related services.
Tether Limited
Tether Limited is the company that introduced Tether (USD₮ or USDT), an asset-backed cryptocurrency stablecoin, in 2014.
Circle
Circle Internet Financial Ltd is a global internet finance company, built on blockchain technology and powered by crypto assets.
PayPal
PayPal is an American multinational financial technology firm that operates an online payment system in most countries that permits online money transfers and serves as an electronic replacement for conventional paper methods like checks and money orders.
BitGo
BitGo is a market leader in institutional-grade cryptocurrency investment services, providing institutional investors with security, compliance, and custodial solutions for blockchain-based currencies.
Ripple
Ripple is a US-based technology company which develops the Ripple payment protocol and exchange network using XRP, the digital asset native to the XRP Ledger.