Emerging bank Revolut has launched a 1:1 exchange service for US dollars and stablecoins, allowing its 65 million users to exchange up to $578,630 every 30 days without any fees or spreads.
"Today, we have completely eliminated the anxiety and barriers of converting between fiat and cryptocurrency." — Leonid Bashlykov's LinkedIn post:
According to Revolut's report, the total assets held on behalf of its clients are close to $35 billion in 2024, a 66% increase from 2023, with a significant rise in the platform's monthly trading volume.
Bashlykov pointed out that the service supports USDC issued by Circle and USDT issued by Tether, covering six blockchain networks including Ethereum, Solana, and Tron.
Just a week after obtaining the "Regulation of Crypto Asset Markets" license from the Cyprus Securities and Exchange Commission, Revolut launched this service, enabling compliant crypto operations in 30 countries within the European Economic Area.
Bashlykov stated that the 1:1 exchange is not aimed at obtaining better exchange rates but rather to "completely eliminate the pain points in the on-chain and off-chain conversion process."
However, the 1:1 conversion will have a profound impact on small and medium-sized enterprises in countries facing economic challenges, such as Turkey, as noted by Elbruz Yılmaz, managing partner of venture capital firm Outrun, in response to Bashlykov's post.
He pointed out that small and medium-sized enterprises lose significant value when converting currencies like the Turkish lira to US dollars, which is further affected by SWIFT fees and slippage during cross-border transfers.
Bashlykov mentioned that Revolut will internally absorb the spread to ensure customers receive a 1:1 exchange rate, provided that the stablecoins maintain their peg.
The UK-based bank has been offering crypto trading since 2017, currently supports over 200 tokens, and provides crypto payment options for everyday spending.
Earlier this week, remittance platform Western Union announced it will launch a stablecoin settlement system on the Solana blockchain in the first half of 2026.
This solution will include a USD payment token (USDPT) — which Western Union plans to issue in partnership with crypto exchanges — as well as a digital asset network.
Last Friday, the parent company of payment platform Zelle announced it will launch a stablecoin to facilitate faster cross-border payments, while MoneyGram announced in mid-September that it would integrate its crypto application in Colombia, providing locals with a USDC wallet.
The Society for Worldwide Interbank Financial Telecommunication (SWIFT) is also building a blockchain payment settlement platform to support the transfer of stablecoins and tokenized assets.
Related: Saylor states that a Strategy acquisition of a competitor is unlikely, calling it "full of uncertainty at the moment."
Original article: “As fintech companies show increasing interest in cryptocurrency, Revolut launches 1:1 USD to stablecoin exchange service”
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