Neobank Revolut has introduced a 1:1 conversion between USD and stablecoins, allowing its 65 million users to exchange up to $578,630 every 30 rolling days without incurring fees or spreads.
“Today marks the day we remove all anxiety and friction of moving between fiat and crypto,” Revolut’s Head of Product in Crypto, Leonid Bashlykov, posted to LinkedIn on Thursday.
“1:1 Stablecoins by Revolut — $1.00 means $1.00.”
Revolut reported holding nearly $35 billion worth of assets on behalf of its customers in 2024, marking a 66% increase from 2023, while its monthly transactions on the platform also rose considerably.
Revolut’s offering will apply to Circle’s USDC (USDC) and Tether (USDT) across six blockchains, including Ethereum, Solana, and Tron, Bashlykov noted.
This development comes about a week after Revolut secured a Markets in Crypto-Assets Regulation license from the Cyprus Securities and Exchange Commission, permitting it to offer regulated crypto services in 30 countries that are part of the European Economic Area.
Bashlykov stated that the 1:1 conversions are not about achieving a better rate but about “completely eliminating the pain of going on and off-chain.”
The 1:1 conversions are expected to have a significant impact on small to medium-sized businesses in countries facing economic challenges, such as Turkey, according to Elbruz Yılmaz, managing partner at venture capital firm Outrun, in response to Bashlykov’s post.
Yılmaz noted that SMBs lose considerable value when converting from a currency like the Turkish lira to the USD, a loss further compounded by SWIFT fees and slippage when transferring funds across borders.
“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 cover the spread internally to ensure customers receive the 1:1 rate, provided the stablecoins maintain their pegs.
The British-based bank has offered crypto trading since 2017 and currently supports over 200 tokens, in addition to a pay-with-crypto option for everyday purchases.
Other Financial Institutions Embrace Stablecoin Technology
This move by Revolut follows a trend of established financial players exploring stablecoin technology. Earlier this week, remittance platform Western Union announced its intention to roll out a stablecoin settlement system on the Solana blockchain, slated for the first half of 2026. This system will feature the US Dollar Payment Token (USDPT), which Western Union plans to issue on partner crypto exchanges, alongside the Digital Asset Network.
Last Friday, the parent company behind the payments platform Zelle announced it would launch stablecoins to facilitate faster cross-border payments. In mid-September, MoneyGram revealed plans to integrate its crypto app in Colombia, offering a USDC wallet for local users. Furthermore, SWIFT, the Society for Worldwide Interbank Financial Telecommunication, is actively developing a blockchain payment settlement platform designed to support stablecoin and tokenized asset transfers.