Fintech giant Revolut is reportedly set to launch its own stablecoin, according to Coindesk sources. This move aims to bolster its crypto-asset offerings and position the London-based firm alongside other major players like PayPal, Ripple, and BitGo in the lucrative stablecoin market.
Revolut enters the stablecoin market
Insiders indicate that Revolut is positioning itself as a major contender in the space, promising robust compliance and security for crypto users. The company’s stablecoin launch comes as the sector sees a surge in new participants. Stablecoins, pegged to real-world assets like government-issued debt, offer steady returns through interest payments, making them highly attractive. For example, Tether reported an impressive $5.2 billion profit for the first half of the year.
Revolut expands crypto presence
Revolut has been a proponent of cryptocurrency for years, having introduced crypto trading in its app and launching a standalone cryptocurrency exchange in May aimed at experienced traders. The company’s stablecoin initiative aligns with evolving regulatory frameworks in Europe, such as the Markets in Crypto Assets framework, which are expected to provide clearer guidelines for crypto-tokens and further boost industry growth. Revolut is also set to expand into the Gulf Cooperation Council (GCC) countries, targeting the UAE and Saudi Arabia. As it seeks regulatory approval to operate as an electronic-money institution in the UAE, the firm is strategically positioning itself in the region’s growing digital asset market. The involvement of Mubadala, one of Abu Dhabi’s leading sovereign wealth funds, could further bolster its efforts.
Partnership with Ledger Live
Additionally, last month, Revolut integrated Ledger Live, a popular digital asset management platform, enabling users to purchase digital assets directly through the app. This partnership promises easier, faster, and more secure crypto transactions, allowing users to convert fiat currency into crypto with fewer verifications.
With a UK banking license secured in July and a valuation of $45 billion earlier this year, Revolut is poised to scale its operations. By entering the stablecoin market, the company aims to diversify its offerings and capture a share of the growing demand for reliable and compliant digital currencies.
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