British fintech company Revolut intends to launch its own stablecoin, CoinDesk has reported.
Revolut, which has 45 million users and has generated $2.2 billion in revenue, would join the likes of PayPal, which launched its PYUSD token pegged to the US dollar in August last year.
Subscribe to our Telegram channel to get weekly short digests about events that shape the crypto world
The stablecoin is unlikely to be available in the US, as Revolut discontinued its crypto services in the US nearly a year ago due to regulatory challenges.
It is still unclear whether Revolut's stablecoin will be backed by the US dollar, like other major stablecoins, or by the British pound.