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Fintech giant Revolut is planning to launch its own stablecoin. Sources indicate that Revolut, which recently secured a U.K. banking license and was valued at $45 billion earlier this year, is progressing well with this initiative.
A Revolut spokesperson confirmed the company’s goal to enhance its crypto services while emphasizing a commitment to regulatory compliance and safety. The firm aims to be a secure and accessible platform for cryptocurrency enthusiasts.
The stablecoin market, currently dominated by Tether’s USDT with a $119 billion market cap, is expanding with new competitors. Circle’s USDC is the second-largest, and other notable entries include PayPal’s new stablecoin and upcoming tokens from Ripple and BitGo.
Stablecoins, pegged to real-world assets, often invest in government debt, generating significant profits. Tether, for instance, reported a $5.2 billion profit in the first half of the year. The new European crypto regulations, known as the MiCA framework, are likely influencing this trend.
Revolut, which has been facilitating crypto transactions through its app and recently launched a dedicated cryptocurrency exchange, continues to expand its offerings in the digital asset space.
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