Fintech giant Revolut is reportedly in the late stages of developing its own stablecoin, CoinDesk reported on September 17, citing sources familiar with the matter.
Revolut, which secured a UK banking license earlier this year, is looking to follow the lead of major industry players such as PayPal, Ripple and BitGo, all of which have recently entered the stablecoin market.
According to two sources close to the plan, Revolut is well underway in the development process and aligned with its mission to provide a secure and compliant crypto ecosystem. The move would mark an important 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 of “banking without borders,” and that it plans to offer a range of secure and accessible crypto-driven services.
The highly lucrative stablecoin sector, currently dominated by Tether’s USDT and Circle’s USDC, has attracted a growing number of newcomers. Stablecoins, typically backed by real assets such as government-issued debt, generate significant interest income for the companies that issue them. Tether alone reported a profit of $5.2 billion in the first half of 2023.
Revolut has been at the forefront of integrating crypto into its platform for years. In May, the company launched a standalone cryptocurrency exchange for advanced traders, complementing its existing app features that enable the buying and selling of digital assets.
As regulatory frameworks such as the EU Guidelines for Markets in Crypto Assets (MiCA) continue to take shape, Revolut appears poised to expand its crypto offering while meeting 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 cement its role as a leader in the evolving digital financial landscape.