Fintech Giant Revolut Planning to Launch Its Own Stablecoin
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Revolut is preparing to launch its own stablecoin, positioning itself to compete with major players in the space, as revealed by a Coindesk report on September 18.
— Satoshi Club (@esatoshiclub) September 18, 2024
JUST IN: Crypto-friendly Revolut is said to be quite far along in creating its own stablecoin. pic.twitter.com/8pV48BpRyM
The London-based company is further expanding into the crypto market, joining firms like PayPal, Ripple, and BitGo.
Revolut Eyes Stablecoin Market Expansion
Revolut’s upcoming stablecoin will enter a rapidly growing sector that has seen significant interest from fintech and blockchain companies.
The stablecoin market is currently dominated by Tether’s USDT, which has a market cap of approximately $119 billion, and Circle’s USDC, which holds about a third of that size.
Revolut’s entry into this market follows PayPal’s stablecoin launch last year and recent announcements from Ripple and BitGo regarding their own token plans.
The profitability of stablecoins, driven by real-world asset backing and interest payments, has made them an appealing venture for companies.
Tether, for example, posted a $5.2 billion profit in the first half of 2024. Revolut’s launch seeks to tap into this market by offering security and compliance for its users.
Revolut has been steadily building its presence in the digital asset space.
Several years ago, the company integrated crypto trading into its app, and in May, it introduced a standalone cryptocurrency exchange designed for experienced traders.
These moves further highlight its growing influence in the cryptocurrency space and its continued focus on expanding crypto services.
Regulatory Timing and New Ventures from Former Executives
Revolut’s stablecoin initiative comes as regulatory frameworks, particularly in Europe, are becoming clearer.
The upcoming Markets in Crypto Assets (MiCA) regulations are expected to provide better guidance on managing crypto tokens, which could help legitimize Revolut’s efforts in the space.
With a valuation of $45 billion and a UK banking license secured in July, Revolut is set to scale its operations globally.
Meanwhile, three former Revolut executives have launched Neverless, a commission-free crypto trading app with a passive investment option.
The startup has already raised $6.7 million in pre-seed funding, marking one of Europe’s largest rounds in that category.
Neverless has registered as a Virtual Asset Service Provider (VASP) in several European countries, signaling further competition in the fintech space.
The post Fintech Giant Revolut Planning to Launch Its Own Stablecoin appeared first on Cryptonews.
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Fintech Giant Revolut Planning to Launch Its Own Stablecoin
Share:
Revolut is preparing to launch its own stablecoin, positioning itself to compete with major players in the space, as revealed by a Coindesk report on September 18.
— Satoshi Club (@esatoshiclub) September 18, 2024
The London-based company is further expanding into the crypto market, joining firms like PayPal, Ripple, and BitGo.
Revolut Eyes Stablecoin Market Expansion
Revolut’s upcoming stablecoin will enter a rapidly growing sector that has seen significant interest from fintech and blockchain companies.
The stablecoin market is currently dominated by Tether’s USDT, which has a market cap of approximately $119 billion, and Circle’s USDC, which holds about a third of that size.
Revolut’s entry into this market follows PayPal’s stablecoin launch last year and recent announcements from Ripple and BitGo regarding their own token plans.
The profitability of stablecoins, driven by real-world asset backing and interest payments, has made them an appealing venture for companies.
Tether, for example, posted a $5.2 billion profit in the first half of 2024. Revolut’s launch seeks to tap into this market by offering security and compliance for its users.
Revolut has been steadily building its presence in the digital asset space.
Several years ago, the company integrated crypto trading into its app, and in May, it introduced a standalone cryptocurrency exchange designed for experienced traders.
These moves further highlight its growing influence in the cryptocurrency space and its continued focus on expanding crypto services.
Regulatory Timing and New Ventures from Former Executives
Revolut’s stablecoin initiative comes as regulatory frameworks, particularly in Europe, are becoming clearer.
The upcoming Markets in Crypto Assets (MiCA) regulations are expected to provide better guidance on managing crypto tokens, which could help legitimize Revolut’s efforts in the space.
With a valuation of $45 billion and a UK banking license secured in July, Revolut is set to scale its operations globally.
Meanwhile, three former Revolut executives have launched Neverless, a commission-free crypto trading app with a passive investment option.
The startup has already raised $6.7 million in pre-seed funding, marking one of Europe’s largest rounds in that category.
Neverless has registered as a Virtual Asset Service Provider (VASP) in several European countries, signaling further competition in the fintech space.
The post Fintech Giant Revolut Planning to Launch Its Own Stablecoin appeared first on Cryptonews.
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USDT Transfer Stuns Market: $200 Million Whale Movement to Binance Signals Major Shift