According to sources, Revolut is quite far along in creating its own stablecoin and expects significant interest in the asset from the crypto community after its launch.
“Revolut’s plans to launch its own stablecoin will mark an important milestone in the digital bank’s evolution and expansion into the crypto space. With a UK banking license, Revolut will be well positioned among many in the crypto space to offer services to users on a regulated and secure platform,” Revolut said.
The focus on compliance and security is expected to drive greater adoption and trust among users and investors in the rest of the digital bank’s crypto offerings. In particular, Revolut aims to compete in the stablecoin market with companies like PayPal, Ripple, and BitGo.
In July, digital bank Revolut, owned by the fintech platform of the same name, received a license from the Prudential Regulation Authority (PRA) in the UK, which will allow it to provide a full range of banking services to more than nine million local customers.
Source: Bits
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