UK Fintech Giant Revolut Reportedly Creating Its Own Stablecoin

UK fintech giant Revolut is reportedly entering the stablecoin market, joining the ranks of PayPal and Ripple. According to sources, the London-based neobank has made substantial progress in developing its own stablecoin, as reported by CoinDesk. This move follows Revolut securing a UK banking license after a three-year regulatory approval process.

The stablecoin market, valued at nearly $172 billion, is dominated by Tether's USDT, which holds $119 billion. Revolut's entry into this market aligns with its mission to offer secure and accessible crypto asset services, aiming to become a significant player in the rapidly growing crypto segment.