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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.

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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.

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