The post Revolut expands crypto service with stablecoin offering appeared on BitcoinEthereumNews.com.

London-based fintech group Revolut reportedly wants to expand its crypto offerings with the launch of its stablecoin, joining a list of other fintech firms that seek to broaden their digital assets offerings. Valued at $45 billion, Revolut, which obtained a UK banking license recently is at advanced stages of developing its own stablecoin. With this latest development, Revolut joins other entrants like Ripple, PayPal, and BitGo into the stablecoin sector. Revolut wants to broaden its offerings According to two people familiar with the development, the crypto-friendly bank, already offering several other crypto services is far along with creating the stablecoin. Asked about the stablecoin plans, a Revolut spokesperson confirmed the development saying the financial services company wants to expand its crypto offerings with a compliance-first approach to become a safe harbor for the crypto community. “Crypto is a big part of our belief in banking without borders, and we have a clear mission to become the safest and most accessible provider of crypto asset services.” Revolut spokesperson Just like other digital assets in the category, the stablecoin will be fully backed by national reserve assets. According to reports, the upcoming token could potentially be tied to the British pound. Revolut is headquartered in the UK, which could be the justification. Tether’s USDT currently dominates the stablecoin market with a market capitalization of $119 billion, and is growing with new entrants. PayPal joined the stablecoin sector recently, while blockchain firm Ripple is scheduled to do the same soon together with BitGo’s upcoming launch which was announced at Token2049 in Singapore. Europe presents conducive market for stablecoins The regulatory clarity in the European markets is reportedly cultivating fertile ground for digital assets like stablecoins to flourish in the block. One such regulatory framework is the Markets in Crypto Assets (MiCA) which helps…

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Filed under: News - @ September 18, 2024 11:25 pm