- A Revolut spokesperson said the company takes a compliance-first approach and wants to expand its crypto offerings to become a safe harbor for the entire crypto community.
- Revolut, which received a UK banking license in recent months, joins other entrants into the stablecoin space including PayPal, Ripple and BitGo.
Revolut, a London-based fintech company that offers cryptocurrency trading, intends to issue its own stablecoin, according to four people familiar with the plan.
The company is Obtained a UK banking license In July Valued at $45 billion Two people familiar with the matter said earlier this year that the creation of the stablecoin was well advanced.
Asked about its stablecoin plans, a Revolt spokesperson said the company wants to take a compliance-first approach and expand its crypto offerings to become a safe harbor for the entire crypto community.
“Crypto is a big part of our beliefs in Banking Without Borders, and we have a clear mission to be the safest and most accessible provider of crypto asset services,” the spokesperson said in an email. mentioned in.
The highly profitable stablecoin sector, dominated by Tether Inc.'s USDT, which has a market capitalization of about $119 billion, is seeing a surge in new entrants. Circle's USDC ranks second and is about one-third the size. Last year, payment service PayPal started issuing stablecoins, and blockchain company Ripple was aiming to issue stablecoins. Join us in the coming weeks and bitgo Announcement of introduction schedule At Token2049 in Singapore earlier this week.
The value of a token is pegged to a real-world asset, often purchasing government-issued bonds to support its value. This provides companies with stable interest payments and higher profitability. Tether reported first-half profits of $5.2 billion.
This trend may also be driven in part by early guidance on crypto tokens coming out of Europe in the form of crypto asset markets (mica) Regulatory framework.
Revolut has been allowing the buying and selling of cryptocurrencies within its app for several years. We have launched a standalone cryptocurrency exchange for experienced traders In May.
