Fintech giant Revolut is reportedly gearing up to launch its own stablecoin, according to sources familiar with the matter.
Four individuals with knowledge of the company's plans have confirmed that the project is in progress, with two of them suggesting the development is already in an advanced stage.
While Revolut hasn't directly addressed these stablecoin rumors, a company representative emphasized that their focus remains on expanding cryptocurrency services with a strong commitment to regulatory compliance.
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Stablecoins are fixed-value cryptocurrencies that are generally pegged to a fiat currency or an exchange-traded commodity.
Tether's USDT currently leads the stablecoin market with a $118 billion market cap, followed by Circle's USDC at $35 billion. As stablecoin demand surges, other big names are entering the field. PayPal has launched PYUSD, Ripple is expected to introduce its own stablecoin soon, and BitGo has also announced plans to launch its USDS stablecoin.
Even though competition rising, Revolut's focus on safety and compliance could set it apart from other players in the stablecoin market.
It isn't the first time that Revolut has entered the world of digital finance. In May this year, the company added the Floki Inu (FLOKI) memecoin to its list of tradable assets.
In March, it partnered up with MetaMask, a self-custodial wallet, to facilitate direct crypto purchases for users in the United Kingdom and the European Economic Area (EEA).
