Fintech Giant Revolut Planning Stablecoin Launch

London-based fintech firm Revolut is moving forward with plans to launch its own stablecoin, Coindesk reports.

What's the Scoop?

• Regulatory Approach: The company, recently granted a U.K. banking license, aims to expand its crypto offerings with a focus on compliance and security.
• Market Impact: Revolut would join a growing list of firms launching stablecoins, including recent entries from PayPal, Ripple, and BitGo.

Bankless Take:

If true, Revolut joins the growing list of major fintechs (PayPal and Stripe) entering crypto via stablecoins, bringing 45M users with it. While it is still early, this move may signal a broader trend of established financial services companies, like PayPal with PYUSD, launching their own stablecoins, likely inspired by the eye-popping revenue figures seen from Tether, which earned $5.2B in the first half of 2024. By issuing their own stablecoins, companies like Revolut can tap into the highly profitable business of holding government debt to back these tokens, creating new revenue streams. The challenge now will be how Revolut differentiates itself in an increasingly crowded stablecoin market, though having a clear go-to-market audience may be a start.