Neobank Revolut has launched a 1:1 USD-to-stablecoin conversion, enabling its 65 million users to swap up to $578,630 every 30 days without any fees or spreads.
“Today marks the moment we eliminate the anxiety and friction of moving between fiat and crypto,” Leonid Bashlykov, Revolut’s Head of Product in Crypto, wrote on LinkedIn on Thursday.
“1:1 Stablecoins by Revolut — $1.00 means $1.00.”
Revolut reported holding nearly $35 billion in customer assets in 2024 — a 66% increase from the previous year — alongside a sharp rise in monthly transaction volumes on its platform.
According to Leonid Bashlykov, Revolut’s Head of Product in Crypto, the new 1:1 USD-to-stablecoin conversion will support Circle’s USDC and Tether (USDT) across six blockchains, including Ethereum, Solana, and Tron.
The launch follows Revolut’s recent approval under the Markets in Crypto-Assets (MiCA) framework, after it obtained a license from the Cyprus Securities and Exchange Commission, allowing it to offer regulated crypto services across 30 European Economic Area countries.
Bashlykov added that the initiative isn’t about chasing better rates but about “completely eliminating the pain of going on and off-chain.”
However, the 1:1 USD-to-stablecoin conversions could have a significant impact on small and medium-sized businesses (SMBs) in economically strained countries such as Turkey, according to Elbruz Yılmaz, managing partner at Outrun Ventures, who responded to Bashlykov’s post.
Yılmaz explained that SMBs often lose substantial value when converting local currencies like the Turkish lira into U.S. dollars, a problem further worsened by SWIFT fees and slippage during cross-border transfers.
“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 noted that Revolut will absorb the spread internally to maintain the 1:1 exchange rate, as long as the stablecoins remain properly pegged.
The U.K.-based neobank, which has offered crypto trading since 2017, now supports over 200 tokens and provides a pay-with-crypto feature for everyday purchases.
Western Union joins the stablecoin race
Earlier this week, Western Union announced plans to launch a stablecoin settlement system on the Solana blockchain in the first half of 2026. The system will feature the US Dollar Payment Token (USDPT) — a stablecoin issued through partner crypto exchanges — and a Digital Asset Network to facilitate transfers.
Zelle, MoneyGram, and SWIFT follow suit
Other major payment firms are making similar moves. Zelle’s parent company revealed plans last week to introduce stablecoins to enable faster cross-border transactions, while MoneyGram announced in mid-September that it will expand its crypto app in Colombia, offering locals a USDC wallet.
Meanwhile, SWIFT — the global interbank messaging network — is also developing a blockchain-based settlement platform designed to support stablecoin and tokenized asset transfers.
