Key facts:
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According to the company, they are “quite advanced” in creating the stable Cryptocurrency.
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They want to take a compliance-first approach to become a “safe harbor.”
Revolut, the $45 billion London-based fintech, is in the final stages of developing its own stablecoin, according to sources close to the company. This decision aligns with Revolut’s vision of “expanding its cryptocurrency offering” for users, seeking to become a “safe haven” within the crypto ecosystem through a fully compliant service.
According to spokesmen for the organization, plans for the launch of the stablecoin are “quite advanced”.
“Cryptocurrencies are a big part of our belief in borderless banking and we have a clear mission to become the most secure and accessible provider of crypto-asset services,” a Revolut representative said.
Revolut’s intention to launch a stablecoin adds to a growing trend in the sector. Another company, BitGo, also announced its imminent entry into the stablecoin market, aiming to Offer rewards to financial institutionsas CriptoNoticias reported earlier this Tuesday.
Stablecoins are cryptocurrencies designed to minimize volatility by being backed by reserve assets such as the US dollar, gold, or even other cryptocurrencies. Their relevance lies in their ability to facilitate fast and efficient transactions, serving as a bridge between volatile cryptocurrencies and fiat currencies.
Revolut, which has a banking license in the UK, is looking to position itself in a market already dominated by other stablecoins, such as Tether’s USDT and Circle’s USDC. Revolut’s entry into this segment seeks not only to diversify its portfolio of services, but also to strengthen its position as a player in European digital banking.
A Revolut spokesperson mentioned that the company wants to “adopt a compliance-first approach to become a safe haven for the entire community cryptocurrencies”, CoinDesk reports.
With the growing adoption of cryptocurrencies and the demand for more inclusive and efficient financial solutions, Revolut’s stablecoin could mark a new chapter in the fintech’s history, offering its users a more for asset management in an increasingly digitalized world.
This article was created using artificial intelligence and edited by a human on the editorial staff.
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