How Will Payments Change with Revolut’s 1:1 Stablecoin Rate?

British banking app Revolut has introduced 1:1 Conversion rate for stablecoin transfers. 

For US$1, users can convert it in-app for exactly 1 USDC (issued by Circle) or USDT (Tether). 

In doing so, the company aims to dissolve any concerns between moving money from crypto to fiat. 

In a statement on LinkedIn, Leonid Bashlykov, Head of Product, Crypto at Revolut says: “Ten years ago, Revolut changed how people exchanged currencies –  transparent FX, no hidden markups, no crazy fees. Just simplicity and ease.

“Now we’re bringing the same revolution to crypto. 

“This isn’t about getting a better rate – it’s about completely eliminating the pain of going on and off-chain.

“Stablecoins by Revolut –  exchange at US$1.00 every time, and move across 6+ supported chains (incl. Ethereum, Solana, Tron and others)”

The news comes shortly after Markets in Crypto Assets (MiCA) authorisation was granted to Revolut’s crypto arm, Revolut Digital Assets Europe Ltd. 

Granted by the Cyprus Securities and Exchange Commission (CySEC), the licence allows Revolut to begin trading in Europe. 

The move marks fast progression from the digital bank in the move towards decentralised finance. 

Revolut strategy: Growth year on year

Revolut has also been ranked 15th in the Top 100 FinTech Companies list. 

The London-based company now serves more than 65 million customers across 38 countries, processing over 500 million transactions monthly through its platform.

Recently, Revolut announced plans to invest US$13bn over five years as it targets entry into 30 new markets by 2030. 

The strategy includes US$4bn earmarked for UK operations and the creation of 1,000 jobs in its home market. 

The company opened new headquarters in London's Canary Wharf district as part of this expansion phase.

Revolut remains in a mobilisation phase with UK regulators, working to transition its 11 million UK customers to a full banking entity. 

Growth through partnership 

The fintech has expanded its multi-year partnership with Google Cloud to support its goal of reaching 100 million customers. 

The collaboration integrates Google's Gemini family of language models into Revolut's fraud detection systems and product development processes.

The company processes transaction volumes that require infrastructure capable of handling more than half a billion monthly transactions across its operating markets.

Navigating regulatory frameworks to boost global growth 

Revolut secured a restricted banking licence in the UK in 2024 after a three-year application process. 

The company remains in a mobilisation phase with UK regulators, working to transition its 11 million UK customers to a full banking entity.

CNBC reports that the company aims to formally launch its UK bank in the coming months. 

The restricted licence enables Revolut to begin preparations for offering credit cards, personal loans and mortgages in the UK market. 

Revolut already provides lending products through its European Union banking licence, which it obtained in Lithuania in 2021.