Stablecoin

Dollar

Solana

USDC

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<p dir="ltr">Revolut, the global neo-bank and financial technology company, is set to launch its U.S. dollar-backed stablecoin. According to growing&nbsp;<a href="https://x.com/RadarHits/status/1836389144605413437" rel="noopener noreferrer nofollow">reports</a> on X, the move is part of its broader strategy to expand its cryptocurrency offerings. Likewise, a spokesperson for Revolut confirmed that the move is aimed at catering to the growing demand for stable digital assets.&nbsp;</p>
<h2 id="revolut-to-offer-trusted-option-for-users">Revolut to offer trusted option for users&nbsp;</h2>
<p dir="ltr">A key aspect of Revolut’s strategy is its commitment to a "compliance-first" approach. As it rolls out its stablecoin, it aims to meet stringent regulatory requirements across various jurisdictions. This ensures it operates as a secure and trusted option for users, attracting a broader range of customers.&nbsp;</p>
<p dir="ltr">The London-headquartered company believes its new product will attract more liquidity while generating more use cases. As of today, Revolut has not announced a specific launch date for the potential stablecoin. However, before it can be available to consumers, the dollar-backed coin will need to be approved by regulators.</p>
<p dir="ltr">Notably, the stablecoin market has&nbsp;<a href="https://u.today/164-billion-tether-usdt-drives-stablecoin-growth-to-2-year-high" rel="noopener noreferrer nofollow">reached</a> a significant milestone, soaring to a two-year high, with market capitalization topping $164 billion. This impressive growth has been driven primarily by Tether (USDT). Though USDT leads the pack, other stablecoins like USDC share market dominance.</p>
<h2 id="stablecoin-ecosystem-now-getting-crowded">Stablecoin ecosystem now getting crowded</h2>
<p dir="ltr">In May, PayPal’s PYUSD stablecoin was&nbsp;<a href="https://u.today/paypals-stablecoin-launches-on-solana" rel="noopener noreferrer nofollow">rolled out</a> on the Solana blockchain. The announcement of Solana's availability comes nine months after the PayPal stablecoin's initial launch. The payment giant claimed that it chose Solana due to its cost-effectiveness.&nbsp;</p>
<p dir="ltr">Moreover, the blockchain enables unique features that will cement the stablecoin’s position by improving its utility. These features include confidential transactions, transfer hooks and fields. Meanwhile, San Francisco-headquartered company Ripple Labs Inc. is inching closer to&nbsp;<a href="https://u.today/ripple-inching-closer-to-stablecoin-release" rel="noopener noreferrer nofollow">launching</a> its stablecoin, RLUSD.</p>
<p dir="ltr">Ripple teases the stablecoin project as a tool for instant cross-border money transfers and payment services. The stablecoin will initially be issued on XRP Ledger and Ethereum.</p>

Revolut to Launch US Dollar Stablecoin: Details

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