Fintech giant Revolut has announced a new service enabling its 65 million users to convert US dollars to stablecoins like USDC and USDT at a 1:1 ratio. This means users can now exchange up to $578,630 every 30 rolling days without incurring any fees or spreads.
Leonid Bashlykov, Revolut’s Head of Product in Crypto, stated on LinkedIn: “Today marks the day we remove all anxiety and friction of moving between fiat and crypto. 1:1 Stablecoins by Revolut — $1.00 means $1.00.”
In 2024, Revolut reported holding nearly $35 billion worth of assets on behalf of its customers, a 66% increase from 2023. Monthly transactions on the platform have also seen a significant rise.
Revolut’s offering will apply to Circle’s USDC and Tether’s USDT across six blockchains, including Ethereum, Solana, and Tron, according to Bashlykov. This move comes a week after Revolut secured a Markets in Crypto-Assets Regulation (MiCA) license from the Cyprus Securities and Exchange Commission, allowing it to offer regulated crypto services in 30 countries within the European Economic Area.
Bashlykov clarified that the 1:1 conversions aren’t about securing a better rate but about “completely eliminating the pain of going on and off-chain.”
According to Elbruz Yılmaz, managing partner at venture capital firm Outrun, the 1:1 conversions will have a profound impact on small to medium-sized businesses in countries facing economic challenges, such as Turkey. He noted that SMBs lose considerable value when converting from currencies like the Turkish lira to the USD, further complicated by SWIFT fees and slippage during cross-border transfers.
He added: “A clean one to one ramp turns stablecoins from a speculative asset into working capital infrastructure. Faster cycles. Less FX bleed. Better treasury control.”
Bashlykov confirmed that Revolut will internally cover the spread to ensure customers receive the 1:1 rate, provided the stablecoins maintain their dollar pegs. The British-based company has offered crypto trading since 2017 and currently supports over 200 tokens, alongside a pay-with-crypto option for everyday purchases.
Western Union unveiled its own stablecoin plans this week. The remittance platform announced it will roll out a stablecoin settlement system on the Solana blockchain in the first half of 2026. The solution will comprise the US Dollar Payment Token (USDPT) – which Western Union plans to issue on partner crypto exchanges – and the Digital Asset Network.
Zelle and MoneyGram have made similar moves. The parent company of payments platform Zelle announced it would launch stablecoins to facilitate faster cross-border payments, while MoneyGram announced in mid-September that it would integrate its crypto app in Colombia to offer a USDC wallet for locals.
SWIFT is also building a blockchain payment settlement platform to support stablecoin and tokenized asset transfers.
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