Revolut Plans Stablecoin Launch

Fintech company Revolut, which offers cryptocurrency trading, is said to be quite far along in creating its own stablecoin, according to two people familiar with the plan. The London-based firm recently obtained a U.K. banking license and was valued at $45 billion earlier this year.

Expanding Crypto Offerings

Revolut has allowed buying and selling of crypto within its app for several years and launched a standalone cryptocurrency exchange for experienced traders in May. The company now aims to expand its crypto offering, taking a compliance-first approach to become a safe harbor for the entire crypto community.

Lucrative Stablecoin Sector

The highly lucrative stablecoin sector, dominated by Tether's USDT, has seen a growing crop of new entrants, including Circle's USDC, PayPal, Ripple, and BitGo. Stablecoins are often backed by government-issued debt, providing a steady stream of interest payments to the issuing companies.

Regulatory Developments

The trend toward more stablecoins may also be driven by incipient guidance on crypto-tokens coming out of Europe, in the form of the Markets in Crypto Assets (MiCA) regulatory framework.

Revolut's Crypto Expansion

Revolut has allowed the buying and selling of crypto within its app for several years and launched a standalone cryptocurrency exchange for experienced traders in May. The company now plans to further expand its crypto offerings by launching its own stablecoin.

Source: https://www.coindesk.com/business/2024/09/18/fintech-giant-revolut-said-to-be-planning-stablecoin/

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