Hassan Maishera
TL;DR
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UK-based fintech firm Revolut is working on launching a stablecoin.
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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.
