Revolut has streamlined the process of transitioning into and out of cryptocurrency by eliminating costs associated with fees and spreads. Users can now convert USD and stablecoins directly at a 1:1 ratio.
Neobank Revolut announced that its 65 million users are able to exchange up to $578,630 every 30 rolling days without any extra charges.
“Today marks the day we remove all anxiety and friction of moving between fiat and crypto,” stated Leonid Bashlykov, head of product in crypto at Revolut, via a LinkedIn post. Translation: “Today is the day we eliminate all concerns and complications of transitioning between fiat and cryptocurrency.”
Revolut, which holds approximately $35 billion worth of customer assets as of 2024, reported a significant increase of 66% from 2023 in terms of transactions.
The new swap feature supports Circle’s USDC and Tether (USDT) across multiple blockchains including Ethereum, Solana, and Tron.
Bashlykov emphasized that the purpose of these 1:1 conversions is to simplify the on and off-chain process rather than to secure a better rate.
The introduction could significantly benefit small to medium-sized businesses in economies grappling with issues such as high inflation, as mentioned by Elbruz Yılmaz. He pointed out that these businesses often incur substantial losses when converting currencies, along with added costs from SWIFT fees and slippage in cross-border transactions.
“A clean one to one ramp turns stablecoins from a speculative asset into working capital infrastructure. Faster cycles. Less FX bleed. Better treasury control.” Translation: “An effective one to one swap converts stablecoins from being speculative investments into essential financial resources for business operations. It allows for faster transaction cycles, minimizes foreign exchange losses, and enhances treasury management systems.”
Furthermore, Revolut will internally manage spread compensation to ensure customers can enjoy a consistent 1:1 rate, given that the stablecoins stay tied to their pegs.
Revolut has been facilitating cryptocurrency trading since 2017, offering over 200 tokens and allowing payments with crypto for daily purchases.
Western Union’s Stablecoin Initiative
Earlier, Western Union revealed plans to launch a stablecoin settlement system expected to function on the Solana blockchain by the first half of 2026.
Similar adaptations have been observed among other payment platforms as well, with Zelle’s parent company also announcing stablecoin utilization for swifter international transactions, while MoneyGram introduced its app integration for USDC wallets in Colombia.
