Revolut, a prominent London-based fintech company known for its cryptocurrency trading services, is reportedly developing its own stablecoin, according to four sources familiar with the initiative. Two of these sources indicate that the project is already in advanced stages. Earlier this year, Revolut was valued at $45 billion and obtained a U.K. banking license in July, marking significant milestones for the company. Although Revolut has not officially confirmed the specifics of its stablecoin plans, a company spokesperson acknowledged that the firm intends to expand its crypto offerings. The spokesperson emphasized that Revolut is taking a compliance-first approach, aiming to create a secure platform for the broader crypto community. The company views cryptocurrency as a key element of its mission to offer “banking without borders” and to position itself as a leading provider of safe and accessible crypto asset services.

Stablecoins, digital currencies pegged to real-world assets like government-issued currency or debt, have become an increasingly lucrative segment within the cryptocurrency market. Tether’s USDT currently dominates this sector with a market cap of approximately $119 billion, followed by Circle’s USDC, which is about one-third the size of USDT. Several other major players have entered the stablecoin market recently, including PayPal, which introduced its own stablecoin last year. Blockchain firms Ripple and BitGo are also expected to launch their own stablecoins in the near future.

Stablecoins are profitable for companies because they are typically backed by assets such as government debt, which generates a steady stream of interest income. For example, Tether reported profits of $5.2 billion in the first half of the year. The growing interest in stablecoins is likely influenced by forthcoming regulatory developments in Europe, particularly the Markets in Crypto Assets (MiCA) framework. Revolut has been involved in the cryptocurrency space for several years, allowing users to buy and sell crypto through its app and, more recently, launching a standalone exchange for experienced traders.

👉Join our Trading Community and Earn Airdrops! 👈

Finally, if you learned something, hit that UP ARROW ⬆️ and SHARE. 🔁