Stablecoin

Ethereum

Patrick

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Crypto’s stablecoin market could see a new entrant as Revolut reportedly eyes a fiat-pegged token of its own.
According to reports, the London-based firm has already <a href="https://x.com/esatoshiclub/status/1836375791086534758" target="_blank" rel="noopener noreferrer nofollow">begun</a> work on its stablecoin offering, though the product’s timeline or launch date remains unknown. It’s also unclear whether Revolut’s stablecoin would be pegged to the euro or the U.S. dollar.
Revolut, a crypto-friendly fintech bank, has supported digital asset trading since at least 2017. The platform, which <a href="https://crypto.news/revolut-launches-crypto-exchange-for-experienced-traders-in-uk/" target="_blank" rel="noopener noreferrer nofollow">launched</a> a crypto exchange for British professional investors in May, also obtained a U.K. banking license in June as part of its crypto expansion roadmap.
Valued at $171 billion on Sept. 18, the stablecoin market seems to be crypto’s hottest sector after Bitcoin (<a href="https://crypto.news/price/bitcoin/" target="_blank" rel="noopener noreferrer nofollow">BTC</a>) and the Ethereum (<a href="https://crypto.news/price/ethereum/" target="_blank" rel="noopener noreferrer nofollow">ETH</a>) ecosystem. Stablecoin issuers often accumulated reserves filled with Treasury bills and bonds, earning interest and yield in the process. Tether (<a href="https://crypto.news/price/tether/" target="_blank" rel="noopener noreferrer nofollow">USDT</a>), the largest stablecoin company, <a href="https://crypto.news/tether-profits-hit-5-2b-in-h1-2024-new-record/" target="_blank" rel="noopener noreferrer nofollow">pocketed</a> profits of $5.2 billion in the year’s first half.
You might also like: <a rel="noopener noreferrer nofollow" href="https://crypto.news/ripple-begins-testing-rlusd-stablecoin-on-ethereum-and-xrp/"> Ripple begins testing RLUSD stablecoin on Ethereum and XRP </a>
The promise of yield and looming stablecoin regulations in the U.S. have further galvanized interest. Firms like Ripple have <a href="https://crypto.news/ripple-begins-testing-rlusd-stablecoin-on-ethereum-and-xrp/" target="_blank" rel="noopener noreferrer nofollow">announced</a> stablecoin plans, and providers like BitGo and PayPal have introduced fiat-tied tokens.
The European Union implemented its landmark Markets in Crypto-Assets Regulation, opening the doors for issuers like Circle (<a href="https://crypto.news/price/usd-coin/" target="_blank" rel="noopener noreferrer nofollow">USDC</a>) to offer stablecoins across the bloc.
In the U.S., lawmakers like Patrick McHenry and Maxine Waters have made <a rel="noopener noreferrer nofollow" href="https://crypto.news/sp-stablecoin-bill-could-improve-u-s-participation-challenge-tether-dominance/">progress</a> toward establishing a comprehensive stablecoin framework. Bitwise CIO Matt Hougan <a rel="noopener noreferrer nofollow" href="https://crypto.news/bitwise-cio-u-s-stablecoin-bill-may-trump-bitcoin-etf-impact/">opined</a> that rules for fiat-pegged cryptocurrencies could have a greater impact on markets than crypto spot exchange-traded products.
Read more: <a rel="noopener noreferrer nofollow" href="https://crypto.news/what-is-the-u-s-dollars-role-in-stablecoin-ecosystems/"> What is the U.S. dollar’s role in stablecoin ecosystems? </a>

Revolut sizes up stablecoin play like Ripple

crypto.news

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