Revolut Plans to Launch New Stablecoin

London-based fintech giant Revolut is reportedly close to launching its own stablecoin, according to CoinDesk sources. The company, which boasts 45 million users and $2.2 billion in revenue, would join other players like PayPal, which launched its dollar-pegged PYUSD token in August 2023 – now valued at $733.1 million, ranking as the fourth-largest stablecoin.

However, Revolut’s stablecoin may not be available in the U.S. due to the termination of its crypto services there last year due to regulatory issues. It remains uncertain whether the new stablecoin will be pegged to the U.S. dollar or the U.K. pound.

Additionally, the firm launched Revolut X, a dedicated crypto trading platform in the U.K. in May, enabling users to trade over 100 digital assets with low fees and straightforward on/off-ramps.

Previously, in 2021, there were rumors about Revolut developing a native token similar to Binance’s BNB, but its approval status from the U.K.’s Financial Conduct Authority remains unclear.