Revolut is set to launch its own stablecoin

The financial technology giant, Revolut, is reportedly in the advanced stages of developing its own crypto stablecoin. According to a report by Coindesk, the company is moving forward with creating its unique cryptocurrency offering. Insiders have suggested that the development process is already “quite far along.”

A spokesperson for Revolut confirmed that expanding their cryptocurrency offerings is part of the company’s future plans. However, they emphasized that strict compliance with regulations will be a core focus, ensuring that their stablecoin becomes a safe and reliable choice for both traders and investors in the rapidly growing digital asset market.

The stablecoin sector has become a crucial component of the broader crypto landscape. According to data from DeFi Llama, stablecoins collectively hold a market cap exceeding $170 billion. Their stability and relative security have drawn the attention of major traditional finance players.

PayPal’s introduction of PYUSD earlier this year only underscores the increasing interest from traditional financial institutions in stablecoins. Now, Revolut is preparing to join the fray with its own entry into the space, making significant progress in developing its new crypto asset.

The London-headquartered fintech firm has also recently secured a UK banking license and, in 2024, was valued at over $45 billion. This success positions Revolut well to capitalize on the burgeoning stablecoin market.

While Tether’s USDT currently dominates the space with a market cap of $119 billion and control over 75% of the market, competition is heating up. With major players like Ripple also rolling out their own stablecoins this year, the landscape is set for even more growth and rivalry in the coming months.

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