The financial tech firm Revolut is reportedly developing its very own crypto stablecoin. Indeed, the company is said to be playing the creation of its own crypto offering, according to a Coindesk report. Moreover, sources say the firm is “quite far along,” in the development process.
A Revolut spokesperson confirmed that the company is planning to expand its cryptocurrency products. Yet, they have also noted that they will place an emphasis on compliance to become a safe option for traders and investors within the growing digital asset sector.
Also Read: How to Buy USDT with Revolut
Revolut Stablecoin in Development from Crypto-Friendly App
The stablecoin market has long been a key aspect of the crypto market. DeFi Llama data reports that the tokens collectively boast a market cap of more than $170 billion. That success and the relative safety of the asset have led to an influx of traditional finance firms entering the market.
With PayPal launching its PYUSD, that should only help the sector develop. Now, yet another crypto-friendly platform is looking for an entry point. Specifically, REvolut is reportedly set to launch its very own crypto stablecoin option. The firm is said to have made significant headway in the development of the asset.
Also Read: England High Court Rules Tether USDT Stablecoin is Property
The London-based financial tech company recently acquired a UK banking license in recent months. Moreover, the firm was valued at more than $45 billion in 2024, showing they have the potential to utilize their success in the emerging stablecoin market.
Tether’s USDT is a clear leader in the industry. The stablecoin has a market cap of $119 billion, dominating 75% of the entire market. With notable crypto firms like Ripple also launching an offering this year, the competition should be set to expand.