While concerns are mounting about the questionable practices and lack of transparency surrounding the leading stablecoin issuer USDT — Tether, whose collapse could drag down competitors, Revolut has unexpectedly announced its plans to launch its own stablecoin.
The fintech giant recently obtained a banking license in the UK, is valued at $45 billion, and is actively working on the creation of this digital asset.
A Revolut representative confirmed to Coindesk the intention to expand its cryptocurrency offerings, emphasizing adherence to all requirements and standards as the company aims to become a "safe haven" for the crypto community.
"Cryptocurrency is a substantial part of our vision for borderless banking. We have a clear mission to become the safest and most accessible provider of cryptocurrency services," stated the Revolut spokesperson.
Tether's USDT, with a market capitalization of $121.25 billion, leads the stablecoin market. Circle's USDC holds the second position with $35.54 billion.
It’s worth noting that companies such as PayPal, Ripple, and BitGo have previously expressed their intentions to issue their own stablecoins.
- PayPal has already launched PYUSD.
- Ripple's USD (RUSD) has been in testing on the XRP Ledger mainnet since August 2024.
- On September 18, BitGo announced that the launch of USDS is scheduled for January 2025.
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