• Fintech Giant Revolut Said to Be Planning Stablecoin Introduction
• Revolut is reportedly far along in creating its own stablecoin, according to two sources familiar with the plan
• The crypto-friendly company aims to introduce a stablecoin to its customers
Crypto-friendly Revolut is said to be quite far along in creating its own stablecoin, according to two people familiar with the plan.
Revolut’s Background
Revolut is a fintech company that offers banking services through a mobile app. The company was founded in 2015 and is based in London, UK. Revolut has expanded rapidly and now has over 20 million customers globally.
Revolut has embraced cryptocurrencies more than most fintechs and established banks. In 2017, Revolut enabled users to buy, hold and exchange cryptocurrencies within its app. The company currently supports buying, holding and exchanging several major cryptocurrencies including Bitcoin, Ethereum and Litecoin.
Details About Revolut’s Planned Stablecoin
According to sources, Revolut has been working on developing its own stablecoin for a significant period of time, over a year in length. The stablecoin is planned to be pegged one-to-one with the US dollar.
The sources said that Revolut is quite far along in the development process. However, no timeline for launch has been finalized yet.
Revolut’s stablecoin would operate on an open-source blockchain protocol. This would allow other companies to potentially plug into Revolut’s network.
Stablecoins have seen growing adoption recently, with major examples like Tether. Stablecoins aim to bridge the gap between cryptocurrencies and traditional fiat money. By pegging to assets like the US dollar, stablecoins attempt to reduce the volatility typically seen with cryptocurrencies like Bitcoin.
Conclusion
The launch of a Revolut stablecoin could have a significant impact. Revolut’s large user base means its stablecoin could see substantial demand. The open-source approach has the potential to enable greater interoperability and use cases. However, regulatory hurdles remain a challenge for stablecoins. The coming months will determine whether Revolut can overcome those issues and introduce its planned stablecoin to the public.
