Revolut Has a Stablecoin in Testing and a Huge IPO in Its Sights

TLDR

• Revolut is weighing a share sale in H2 2026, driven by pre-IPO investor demand
• Investors are pushing for a valuation of at least $100 billion in any new round
• Revolut is targeting a valuation of at least $150 billion through a potential IPO
• The UK fintech will test a pound-pegged stablecoin through the FCA’s sandbox programme
• Testing will include use cases such as payments, wholesale settlement and crypto trading

Revolut is weighing a share sale in the second half of 2026 as investors look to get in before a possible public listing, Bloomberg reported on Wednesday.

The UK fintech was last valued at $75 billion following a series of transactions in 2025, up from $45 billion in 2024. A new sale would build on those previous rounds.

Investors have been pushing for a new process that would value Revolut at no less than $100 billion. Any new round would likely follow the same blended structure used before.

Deliberations are still in the early stages. No decisions on the size or timing of a sale have been made yet.

For an IPO, Revolut is targeting a valuation of at least $150 billion, according to people familiar with the matter.

Investors and bankers have been watching the company’s fundraising moves closely, with many expecting a public filing at some point.

Stablecoin Testing Gets Underway

Also on Wednesday, the Financial Conduct Authority confirmed Revolut will take part in its sandbox programme to test a crypto token pegged to the British pound.

The trial will run alongside three other firms: Monee Financial Technologies, ReStabilise, and VVTX. Use cases being explored include payments, wholesale settlement, and crypto trading.

Revolut said it will begin work on the stablecoin “this quarter.” A source familiar with the matter confirmed the focus will be on issuing a pound-denominated token.

The sandbox allows firms to test stablecoin products under controlled conditions set by the regulator.

UK Banks Have Moved Cautiously

Britain’s larger financial institutions have been slower to move on stablecoins than their European and US counterparts. Bank of England Governor Andrew Bailey has expressed a preference for tokenised, blockchain-based deposits over stablecoins.

The BoE told banks back in 2023 that any stablecoin they issue should operate under a separate brand, to avoid confusion with deposit protections.

Revolut still holds a UK banking licence with restrictions, having received it in 2024. It is still waiting on a full licence.

Stablecoin volumes have grown sharply in recent years. Tether, based in El Salvador, reports more than $180 billion of its dollar-pegged token in circulation.

European stablecoins, including those tied to the euro, pound, and Swiss franc, make up less than 0.2% of the global market, according to AFME data from October.

Revolut received its restricted UK banking licence in 2024 and is still awaiting full approval.

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