Neobank Revolut has presented a 1:1 conversion between USD and stablecoins, permitting its 65 million customers to alternate as much as $578,630 every 30 rolling days without incurring costs or spreads.
“This day marks the day we steal away all alarm and friction of intelligent between fiat and crypto,” Revolut’s head of product in crypto, Leonid Bashlykov, posted to LinkedIn on Thursday.
“1:1 Stablecoins by Revolut — $1.00 manner $1.00.”
Revolut reported keeping virtually $35 billion charge of property on behalf of its prospects in 2024, marking a 66% amplify from 2023, whereas its monthly transactions on the platform moreover rose severely.
Revolut’s providing will note to Circle’s USDC (USDC) and Tether (USDT) across six blockchains, alongside with Ethereum, Solana and Tron, Bashlykov properly-known.
It comes about a week after Revolut secured a Markets in Crypto-Sources Law license from the Cyprus Securities and Alternate Payment, permitting it to present regulated crypto providers and products in 30 international locations which are half of the European Financial Space.
Bashlykov said the 1:1 conversions aren’t about getting a bigger charge but about “totally elimination the trouble of occurring and offchain.”
The 1:1 conversions can bear a profound affect on itsy-bitsy to medium-sized corporations in international locations facing economic challenges, equivalent to Turkey, in step with Elbruz Yılmaz, managing accomplice at accomplishing capital company Outrun, in accordance with Bashlykov’s post.
He properly-known that SMBs lose powerful ticket when having to remodel from a currency love the Turkish lira to the USD, which is further compounded by SWIFT costs and slippage when transferring funds across borders.
“A tidy one to one ramp turns stablecoins from a speculative asset into working capital infrastructure. Faster cycles. Much less FX bleed. Better treasury administration.”
Bashlykov said Revolut will be protecting the unfold internally to gain determined prospects receive the 1:1 charge, supplied the stablecoins effect their pegs.
The British-based totally monetary institution has supplied crypto trading since 2017 and within the meanwhile helps over 200 tokens, moreover to a pay-with-crypto choice for day after day purchases.
Western Union unveiled its devour stablecoin plans this week
Earlier this week, remittance platform Western Union presented this might maybe occasionally roll out a stablecoin settlement machine on the Solana blockchain within the future within the first half of 2026.
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The resolution will comprise the US Dollar Payment Token (USDPT) — which Western Union plans to express on accomplice crypto exchanges — and the Digital Asset Network.
Zelle, MoneyGram bear made equal strikes
Final Friday, the guardian firm at the aid of payments platform Zelle said it might maybe well maybe inaugurate stablecoins to gasoline sooner injurious-border payments, whereas MoneyGram presented in mid-September that it might maybe well maybe integrate its crypto app in Colombia to present a USDC pockets for locals.
SWIFT — the Society for Worldwide Interbank Financial Telecommunication — is moreover constructing a blockchain charge settlement platform to red meat up stablecoin and tokenized asset transfers.
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