Revolut rolls out 1:1 USD-to-stablecoin swaps as fintechs warm to crypto

Neobank Revolut has launched a feature enabling its 65 million users to convert US Dollars to stablecoins (USDC and USDT) at a 1:1 ratio, with a monthly limit of $578,630, without incurring fees or spreads. Leonid Bashlykov, Revolut's Head of Product in Crypto, stated this move aims to remove friction when moving between fiat and crypto, covering the spread internally provided the stablecoins maintain their pegs. This development follows Revolut securing a MiCA license from the Cyprus Securities and Exchange Commission. Experts suggest this 1:1 ramp could significantly benefit small to medium-sized businesses in economically challenged regions by reducing foreign exchange losses and improving treasury control. This move aligns with broader industry trends, as Western Union, Zelle's parent company, and MoneyGram are also exploring stablecoin solutions for faster cross-border payments and settlements.

(Source：Cointelegraph)