ondon-based fintech firm Revolut is on its way to conquering the world of cryptocurrencies. It’s being claimed that they are preparing for the release of their own stablecoin, becoming the next significant player in the field after PayPal.
What Are Stablecoins?
A stablecoin is a cryptocurrency backed by real-world assets, which in many cases, is government debt. It provides a more stable value than the other cryptocurrencies that are in circulation in the market.
Revolut's Crypto Journey
Revolut started off by offering service for buying and selling digital assets, as well as a crypto exchange forwarding purposes. Furthermore, their future plans consist of building a stable coin in order to provide safe and accessible crypto services to all. The market of stablecoins is very much lucrative. Tether, one of the most popular stablecoins, stated that it has $5. 2 billion in profits in only six months of the year 2023.
Revolut's Vision
According to a representative of a company, crypto is included in the ‘banking without borders’ concept of Revolut. This stablecoin development is in line with its objective of providing safe and regulated crypto services.
Revolut's Stablecoin: A Game-Changer
Although Revolut has mentioned that it has been working on the stable coin sector, the company still has not released specific details such as the launch date of their stable coin. This is a strategic move by Revolut which will potentially increase the company’s stake in the evolving crypto industry.
