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Revolut Plans to Launch a Stablecoin: CoinDesk Report

Twitter icon  •  Published 12 hours ago  •  Hassan Maishera

London-based fintech giant Revolut is working on launching its stablecoin, but the currency will not be available to users in the United States.

TL;DR

  • UK-based fintech firm Revolut is working on launching a stablecoin. 

  • The stablecoin will not be available to users in the United States.

Revolut is Working on its Stablecoin

London-based fintech giant Revolut is currently working on launching a new stablecoin. This is according to a report by CoinDesk, citing people familiar with the matter. The sources revealed that Revolut is far along in the process of launching its own stablecoin.

Revolut is one of the leading fintech platforms in the UK, with over 4 million users. This latest development would see it join the likes of PayPal, which released its dollar-pegged PYUSD token a year ago. PayPal’s PYUSD is currently the fourth-largest stablecoin, with a $733 million market cap. 

Revolut’s stablecoin would not be available to users in the United States. This comes after the fintech giant terminated cryptocurrency services in the country last year due to regulatory challenges. 

At the moment, it remains unclear if Revolut's stablecoin would be pegged to the U.S. dollar or the UK pound. 

This latest development comes four months after Revolut introduced Revolut X, a new crypto trading platform that offers low fees and easy fiat-to-crypto conversion for UK users.

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Author

Hassan Maishera

Hassan is a Nigeria-based financial content creator that has invested in many different blockchain projects, including Bitcoin, Ether, Stellar Lumens, Cardano, VeChain and Solana. He currently works as a financial markets and cryptocurrency writer and has contributed to a large number of the leading FX, stock and cryptocurrency blogs in the world.