The crypto-friendly bank Revolut is planning to enter the stablecoin market to expand its digital asset services. The upcoming token is expected to be pegged to the British pound.
Revolut’s Growth in Crypto Services
Since its launch in the UK as a money transfer platform in 2015, Revolut has steadily expanded its crypto services from 2017 onward. Initially, users could only buy and sell a few selected cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH). Over time, the bank has increased its offerings to include more than 175 cryptocurrencies, encompassing popular meme coins like Dogecoin (DOGE) and Shiba Inu (SHIB).
New Platforms and Partnerships
In May 2024, Revolut launched an independent exchange platform called Revolut X, specifically designed for individual customers in the UK. This launch followed just two months after the bank announced Revolut Ramp in partnership with ConsenSys in March 2024. The new product allows users to buy cryptocurrencies directly from Web3 wallets like MetaMask and Trust Wallet. Alongside expanding its crypto services, Revolut secured its long-awaited banking license in the UK in July 2024 after a three-year process.
Entering the Stablecoin Market
After obtaining its UK banking license, the company is focusing on the stablecoin market. According to a CoinDesk report, the bank aims to position itself as a safe and reliable option for crypto users by adopting a compliance-oriented approach.
Entering the Stablecoin Market
Meanwhile, the stablecoin market is heating up as major companies respond to the increasing demand for stable digital assets. On September 18, the crypto exchange BitGo announced plans to launch its dollar-pegged stablecoin USDS in January 2025 at the Token2049 event in Singapore. In April 2024, another crypto firm, Ripple, announced intentions to introduce the dollar-pegged stablecoin RLUSD to compete with Tether and Circle. Additionally, the US-based global payment firm PayPal released its own stablecoin, PayPal USD (PYUSD), in August 2023, which surpassed a market cap of $1 billion.
Revolut’s entry into the stablecoin market reflects its commitment to security and accessibility in crypto asset services. The company’s compliance-focused approach and expanding range of services offer new opportunities for users. This move could enhance competition within the crypto ecosystem, facilitating better access to more options and reliable service providers for users.
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