Summary: Felix, PANews
On November 18, European neobank Revolut and Polygon Labs (Ethereum L2 scaling network) jointly announced that Polygon will be the preferred tech stack for its stablecoin transfers, payments, and transactions. Customers in the UK and the European Economic Area (non-EU countries) will be able to use USDC, USDT, and POL for cryptocurrency remittances through the Polygon blockchain and the Revolut app. This integration complies with the EU MiCA regulatory framework and considers the regulatory requirements for stablecoins like USDT.
According to the press release, Revolut will enable Polygon network support for stablecoin transfers in the app in early December 2024. As of November this year, the transaction volume processed by the Revolut app through Polygon has exceeded $690 million. By integrating Polygon, the Revolut app provides a seamless Web3 experience. Core features include:
Stablecoin remittances and transfers: Instant cross-border transfers supporting USDC, USDT, and POL.
Revolut crypto card payments: The crypto card provided within the Revolut app allows users to pay for everyday expenses using stablecoins.
POL token support: Users can stake or trade POL directly through the Revolut app, simplifying entry into the Polygon ecosystem without the need for an external wallet.
Direct fiat currency exchange within Revolut: Lowering the entry barrier and promoting the circulation of stablecoins (with over $3.6 billion in stablecoin supply on Polygon).
As a neobank serving over 65 million users across 38 countries (of which 14 million are crypto users), the bank has offered cryptocurrency trading services in certain regions since 2017, but this feature was no longer available to U.S. users in 2023 due to regulatory uncertainty.
Last month, the company obtained a MiCA license in Cyprus, potentially laying the groundwork for launching its own stablecoin. According to insiders in June, the company was considering launching its own stablecoin, and just a year ago, it expanded its cryptocurrency services to over 30 countries with the launch of Revolut X.
This integration between Revolut and Polygon follows the most significant payment upgrade to the Polygon network to date. The payment upgrade, named Rio, makes Polygon faster, lighter, and more reliable, achieving nearly instant transactions at a rate of 5,000 transactions per second, ensuring high throughput and low latency.
In addition to Revolut, institutions such as Stripe, Mastercard, Flutterwave, and Reliance Jio have also chosen Polygon as their cryptocurrency payment channel.
It is worth noting that Revolut's adoption of Polygon is just a reflection of a broader trend. As businesses seek ways to reduce transaction costs and improve service efficiency, blockchain infrastructure is continuously tested in more practical application scenarios. Whether these systems can achieve long-term application will depend on their stability, compliance, and user acceptance of the highly volatile digital assets.
Related: Polygon CEO and AAVE Guardian's Bet: Is Polygon's Dual Token Design a Blessing or a Curse?
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