Neobank Revolut has introduced a 1:1 conversion between USD and stablecoins, allowing its 65 million users to exchange up to $578,630 every 30 rolling days without incurring fees or spreads.
“Today marks the day we remove all anxiety and friction of moving between fiat and crypto,” Revolut’s Head of Product in Crypto, Leonid Bashlykov, posted to LinkedIn on Thursday.
“1:1 Stablecoins by Revolut — $1.00 means $1.00.”
Revolut reported holding nearly $35 billion worth of assets on behalf of its customers in 2024, marking a 66% increase from 2023, while its monthly transactions on the platform also rose considerably.
Revolut’s offering will apply to Circle’s USDC (USDC) and Tether (USDT) across six blockchains, including Ethereum, Solana, and Tron, Bashlykov noted.
It comes about a week after Revolut secured a Markets in Crypto-Assets Regulation license from the Cyprus Securities and Exchange Commission, permitting it to offer regulated crypto services in 30 countries that are part of the European Economic Area.
Bashlykov said the 1:1 conversions aren’t about getting a better rate but about “completely eliminating the pain of going on and off-chain.”
However, the 1:1 conversions will have a profound impact on small to medium-sized businesses in countries facing economic challenges, such as Turkey, according to Elbruz Yılmaz, managing partner at venture capital firm Outrun, in response to Bashlykov’s post.
He noted that SMBs lose considerable value when having to convert from a currency like the Turkish lira to the USD, which is further compounded by SWIFT fees and slippage when transferring funds across borders.
“A clean one to one ramp turns stablecoins from a speculative asset into working capital infrastructure. Faster cycles. Less FX bleed. Better treasury control.”
Bashlykov said Revolut will be covering the spread internally to ensure customers receive the 1:1 rate, provided the stablecoins maintain their pegs.
The British-based bank has offered crypto trading since 2017 and currently supports over 200 tokens, as well as a pay-with-crypto option for everyday purchases.
Western Union unveiled its own stablecoin plans this week
Earlier this week, remittance platform Western Union announced it will roll out a stablecoin settlement system on the Solana blockchain sometime in the first half of 2026.
Related: Ondo tokenizes over 100 US stocks and ETFs on BNB Chain
The solution will comprise the US Dollar Payment Token (USDPT) — which Western Union plans to issue on partner crypto exchanges — and the Digital Asset Network.
Zelle, MoneyGram have made similar moves
Last Friday, the parent company behind payments platform Zelle said it would launch stablecoins to fuel faster cross-border payments, while MoneyGram announced in mid-September that it would integrate its crypto app in Colombia to offer a USDC wallet for locals.
SWIFT — the Society for Worldwide Interbank Financial Telecommunication — is also building a blockchain payment settlement platform to support stablecoin and tokenized asset transfers.
Magazine: Bitcoin OG Kyle Chassé is one strike away from a YouTube permaban
Source link
-
-
-
-
-
