Neobank Revolut is preparing to enter the market with its own stablecoin, reports CoinDesk, citing internal company sources. Revolut aims to join market leaders like Ripple Labs, PayPal, and BitGo, who are also actively developing in this space.
A representative of Revolut confirmed that the bank seeks to expand its cryptocurrency offerings for clients. At the same time, the company emphasizes adhering to regulatory requirements, aiming to establish itself as a “safe haven” for digital asset users, the spokesperson noted.
According to media reports, Revolut has made significant progress in developing its stablecoin, although the company’s representative did not disclose specific details about the asset.
“Cryptocurrencies are an integral part of our vision for borderless banking, and our mission is to become the most reliable and accessible provider of digital asset services,” reads an official company statement.
According to CoinGecko, as of August 2024, the market capitalization of fiat-backed stablecoins reached $161.2 billion, a 35.4% increase since last November, when the market hit a temporary low. The three largest stablecoins — USDT, USDC, and DAI — account for 94% of the total market capitalization in this segment.
In May 2024, Revolut, which serves over 40 million clients worldwide, launched a cryptocurrency exchange for experienced traders, with ambitions to compete with the leading platforms in the industry.