London-based fintech group Revolut plans to expand its crypto offerings by launching its own stablecoin, following the footsteps of other fintech companies.
Revolut's crypto offerings expansion
According to two sources, the company already offers several crypto services and is at advanced stages of developing its own stablecoin. A Revolut spokesperson confirmed the plans, stating that the company aims to use a compliance-first approach to ensure safe use of crypto services. "Crypto is a big part of our belief in banking without borders, and we have a clear mission to become the safest and most accessible provider of crypto asset services," said the Revolut spokesperson. The stablecoin will be fully backed by national reserve assets and may possibly be pegged to the British pound.
Regulatory conditions in Europe
Regulatory clarity in European markets fosters the development of digital assets like stablecoins. One such regulatory framework is the Markets in Crypto Assets (MiCA), which provides clarity regarding the crypto industry within the EU. Revolut has allowed cryptocurrency trading through its app for several years and launched a standalone crypto exchange for its UK customers in May.
Revolut's growth history
Revolut has been steadily growing its crypto services since 2017, two years after its debut in the UK as a money transfer service provider. Initially, customers could trade only a few cryptocurrencies like Bitcoin and Ethereum, but the range was expanded to include more than 175 digital assets, including popular meme coins like Dogecoin and Shiba Inu. With the launch of its stablecoin, the company aims to further expand its offerings and consolidate its market share. Founded in 2015, Revolut has grown to have 40 million customers globally, with 9 million in the UK and 2.8 million in Ireland.
By launching its own stablecoin, Revolut aims to expand its crypto offerings and strengthen its market position, following the example of companies like Ripple and PayPal.
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