- Revolut has introduced free 1:1 USD-to-stablecoin exchanges with no fees or spreads.
- The service supports USDC and USDT across six blockchains, including Ethereum and Solana.
Revolut, a digital banking platform, has introduced free currency exchange between US dollars and stablecoins to its 65 million users worldwide. The neobank is now providing precise one-to-one transactions, eliminating the customary spreads and transaction expenses that generally come with cryptocurrency on-ramping and off-ramping operations.
The new service on the platform allows users to convert up to 578,630 at a time without any charges. The project is in favour of the USDC of Circle and the USDT of Tether on 6 blockchain networks, such as Ethereum, Solana, and Tron.
Leonis Bashlykov, the head of crypto product at Revolut, highlighted that the feature removes the anxiety of switching between conventional and digital currencies. Conversion spreads will be internalized by the company to keep the one-to-one rate, provided that the stablecoins do not lose their dollar pegs.
Growing Fintech Adoption of Crypto Infrastructure
Revolut made this announcement after obtaining approval from the Cyprus Securities and Exchange Commission (CySEC) under the MiCA legislation. This license allows the company to operate as a legally regulated cryptocurrency provider to customers throughout 30 countries in the European Economic Area.
The platform has been facilitating cryptocurrency trading since 2017. While the company currently offers trading, custody, and even a pay-with-crypto feature for over 200 digital tokens, it has projected that it held just under $35 billion in customer assets in 2024, which is 66% higher than in 2023.
Observers in the industry highlight that the absence of fees when converting stable coins will immensely help small and medium businesses doing commerce in unstable parts of the world. These businesses often give up a considerable amount of value using foreign exchange to convert currencies, SWIFT fees, and slippage when sending money internationally.
Western Union announced plans of a similar direction as well earlier this week and indicated they will deploy their own stablecoin settlement system, based on Solana and targeting a launch in the first half of 2026. The remittance agency shared it will introduce a US Dollar Payment Token alongside its Digital Asset Network infrastructure.
Payment platforms Zelle and MoneyGram have also embraced some level of stablecoin integration recently. MoneyGram launched USDC wallets last September in Colombia. Even SWIFT has been designing its own blockchain infrastructure to facilitate the conversion of stablecoins and tokenized assets across its global network.
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Source: https://thenewscrypto.com/revolut-slashes-crypto-barriers-with-zero-fee-dollar-stablecoin-swaps/
