Revolut, which obtained a banking license in the United Kingdom in July and was valued at $45 billion earlier this year, is reportedly in the advanced stages of preparing to launch its own stablecoin, according to reliable sources.
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A company spokesperson stated that Revolut plans to expand its cryptocurrency offerings, emphasizing regulatory compliance and aiming to become a secure partner for the entire crypto community. “Cryptocurrencies are a crucial part of our vision for borderless banking. Our goal is to become the safest and most accessible service provider in the field of crypto assets,” the spokesperson added.
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In the dynamic stablecoin sector, which is dominated by Tether’s USDT with a market capitalization of around $119 billion, competition is increasing. The second-largest stablecoin, Circle’s USDC, is about one-third the size of USDT. Last year, PayPal also entered the stablecoin market, followed by Ripple, which is set to release its XRP token soon. This week, at the Token2049 conference in Singapore, BitGo announced its plans to launch a stablecoin as well.
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