Sources Suggest Revolut May Be Developing Its Own Stablecoin
Key Takeaways Revolut is reportedly working on launching its own stablecoin; The company is focused on expanding its crypto services but hasn't officially confirmed the stablecoin rumors; Tether's USDT currently dominates the stablecoin market.
Fintech giant Revolut is reportedly gearing up to launch its own stablecoin, according to sources familiar with the matter.
Four individuals with knowledge of the company's plans have confirmed that the project is in progress, with two of them suggesting the development is already in an advanced stage.
While Revolut hasn't directly addressed these stablecoin rumors, a company representative emphasized that their focus remains on expanding cryptocurrency services with a strong commitment to regulatory compliance.
Stablecoins are fixed-value cryptocurrencies that are generally pegged to a fiat currency or an exchange-traded commodity.
Tether's USDT currently leads the stablecoin market with a $118 billion market cap, followed by Circle's USDC at $35 billion. As stablecoin demand surges, other big names are entering the field. PayPal has launched PYUSD , Ripple is expected to introduce its own stablecoin soon, and BitGo has also announced plans to launch its USDS stablecoin.
Even though competition rising, Revolut's focus on safety and compliance could set it apart from other players in the stablecoin market.
It isn't the first time that Revolut has entered the world of digital finance. In May this year, the company added the Floki Inu (FLOKI) memecoin to its list of tradable assets .
In March, it partnered up with MetaMask , a self-custodial wallet, to facilitate direct crypto purchases for users in the United Kingdom and the European Economic Area (EEA).
Gode is a mutilingual professional, having studied in multiple universities all across Europe. This allows her to have a one-of-a-kind opportunity to analyze Web3 social sentiments spanning different cultures and languages and, in turn, develop a much deeper understanding of how the Web3 space is growing within different communities. With the rest of her team, Gode works to identify crucial crypto news patterns and provide unbiased and data-driven information.
Gode’s passions include working and communicating with people, and when she’s not researching Web3 news, she spends her time traveling and watching true crime documentaries.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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