Revolut, one of the biggest neobanks in the world, is continuing its pursuit of creating its own stablecoin, sources familiar with the matter told Decrypt. The development comes amid a growing list of non-crypto companies now considering issuing their own stablecoins as the regulatory environment shifts in the United States and around the world.
The London-based bank launched Revolut X, a centralized crypto exchange available across the European Union, in 2024. Now, a year later, the company is eyeing its own stablecoin to further its crypto venture, two sources familiar with the company’s plans told Decrypt.
Rumors of a Revolut stablecoin have been circulating for months, though the neobank is now in conversation with at least one crypto-native company regarding the venture, one of the sources said.
A stablecoin is a crypto token that attempts to peg its price to a stable currency, usually the U.S. dollar. This is typically done by holding a reserve of dollars and other assets that cover the cost of the issued stablecoins. Stablecoins are then used by cryptocurrency traders to enter and exit positions without the need to access fiat currencies directly, in particular in markets where U.S. dollars are restricted or inaccessible. They can also be used to make payments or send remittances overseas instantaneously and with much lower fees compared to traditional rails.
For banks and wire services, creating and using a stablecoin could significantly reduce the fees these payment processors incur and improve the speed at which payments are settled. And it comes with the added benefit of earning a yield on the collateral in reserve that backs the stablecoin supply. It’s how companies like Circle and Tether, the issuers of the USDC and USDT stablecoins, make their billions.
Revolut declined to comment on the company’s stablecoin plans. A spokesperson, however, told Decrypt that the company remains committed to the cryptocurrency sector.
“We have a clear mission to become the most trusted and accessible provider of crypto asset services in the UK, EEA, and eventually beyond,” the spokesperson told Decrypt. “We’re keen to further grow our crypto offering with a compliance-first approach.”
Revolut claims to serve more than 55 million retail customers and 500,000 business customers across 160 countries. The neobank’s valuation climbed to $48 billion in March, revealed when shareholder Schroders increased its stake in the company—for reference, that’s a valuation larger than the combined market capitalizations of Tron and Cardano.
Stablecoins are poised to explode
The Wall Street Journal reported Friday that retail giants Amazon and Walmart, travel company Expedia Group, and other multinational companies are considering issuing their own stablecoins.
Sen. Elizabeth Warren (D-MA) denounced the plans in comments shared with Decrypt, citing concerns that Big Tech companies could create stablecoins “that track your purchases, exploit your data, and squeeze out competitors.”
Momentum for stablecoins has picked up following the U.S. Senate’s passage of the GENIUS Act, bipartisan legislation that establishes a legal framework for issuing stablecoins in the United States. The legislation now heads to the House, and President Donald Trump expects to sign it into law by August.
Bank of America CEO Brian Moynihan stated in February that the financial institution would launch a stablecoin if favorable legislation passed. Other major players like JP Morgan, Citigroup, and Wells Fargo are also considering getting in the mix, the Wall Street Journal reported in May.
Industry experts believe the market could soon be flooded with thousands of new stablecoins, creating a rush of competitors for Tether and Circle, the current leaders of the $251 billion sector.
