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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