London-based fintech giant Revolut has plans to release a new stablecoin.
The firm is far along in the process of launching its own stablecoin, reports CoinDesk, citing people familiar with the matter. The Block reached out to Revolut for confirmation and further comment on the matter.
Revolut, which now counts 45 million users and has seen revenues jump to $2.2 billion, would join the likes of PayPal, which released its dollar-pegged PYUSD token in August 2023. PYUSD has since amassed a $733.1 million market capitalization as of Sept. 18, making it the fourth-largest stablecoin.
However, when Revolut launches its stablecoin, it likely will not be available in the United States. Revolut terminated cryptocurrency services in the United States nearly a year ago due to regulatory challenges. It is unclear if Revolut's stablecoin would be pegged to the U.S. dollar, like the largest stablecoins USDT, USDC and DAI, or the U.K. pound.
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However, the firm unveiled Revolut X, a standalone crypto trading platform for retail customers in the United Kingdom, in May of this year. The platform lets users trade over 100 digital assets and attempts to compete with larger crypto exchanges by offering low fees and easy on/off-ramps, The Block previously reported.
In 2021, Revolut was rumored to be working on a native token similar to Binance's exchange token, BNB, though it is unclear if it was ever afforded approval from the U.K.’s Financial Conduct Authority.
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