Revolut, a UK-based digital banking service, has introduced a new feature that lets users convert US dollars directly into stablecoins at a fixed 1:1 exchange rate.
This service allows up to $578,630 in these conversions per 30 days, free of any extra charges or hidden markups.
The new option supports USDC
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According to Leonid Bashlykov, who oversees crypto products at Revolut, this change aims to simplify how people transfer between regular money and digital currencies.
Bashlykov stated that the company would cover any price difference internally to maintain the 1:1 rate, as long as the stablecoins remain pegged to the US dollar.
Elbruz Yılmaz, a managing partner at Outrun, a venture capital firm, commented on the potential benefits for businesses in countries dealing with currency instability.
For example, small businesses in Turkey often lose money when converting from the local currency to dollars due to high fees and market fluctuations. He noted that direct access to stablecoins at a fixed rate could help these businesses better manage their finances and reduce unnecessary costs.
Revolut’s support for crypto has grown steadily since it first launched crypto trading in 2017. The platform now supports more than 200 tokens and lets users pay for everyday purchases with crypto.
The Bank of England recently confirmed that its planned restrictions on stablecoin usage are not meant to last. What did Deputy Governor Sarah Breeden say? Read the full story.
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