Revolut, the fintech giant with more than 70 million customers, is no longer content just letting people buy and sell other companies’ tokens. It wants to mint its own money.
The company has announced plans to launch stablecoins, starting with a pound-sterling-pegged token currently being tested inside the UK Financial Conduct Authority’s regulatory sandbox. The move puts Revolut squarely in a race alongside traditional banks and crypto-native firms to dominate the next generation of digital payments infrastructure.
From sandbox to settlement rails
Revolut was selected for the FCA’s stablecoin sandbox cohort on February 25, 2026, with testing kicking off in Q1 of this year. The GBP-pegged token is designed to handle issuance, payments, wholesale settlement, and crypto trading, essentially covering every use case that matters.
The token will be backed 1:1 by reserves held in pounds. Testing is focused on how the token functions within the Revolut app and how it transfers across public blockchain networks.
The timing isn’t accidental either. Revolut secured a full UK banking license in March 2026, giving it the regulatory credibility to operate as more than just a fintech with a slick app. The company is also targeting a 2027 launch for Revolut Bank, N.A. in the US, which would offer FDIC-insured products. Building stablecoin capabilities now means the infrastructure will be ready when those banking operations go live.
The remittance playbook is already working
Revolut hasn’t been waiting around for its own stablecoin to start moving money on-chain. The company has already integrated stablecoin-based remittances using USDC and USDT over the Polygon network, processing nearly $700 million in remittance volume since late 2024.
Revolut has been specifically targeting corridors like the UK-India remittance channel. With its own stablecoin, the company could cut out the remaining middlemen entirely, keeping more of the economics for itself while offering users faster, cheaper transfers.
Regulatory winds are shifting
Revolut’s stablecoin ambitions are landing at a moment when UK regulators are actively making room for this kind of product. The Bank of England revised its stablecoin rules in June 2026, introducing a per-coin issuance cap of £40 billion and allowing issuers to hold higher proportions of short-term gilts in their reserve backing.
The higher gilt allocation in reserves means stablecoin issuers can earn yield on their reserves by holding UK government debt, which makes the economics of issuance substantially more attractive. Circle has demonstrated this model in the US, generating billions in revenue from the interest earned on USDC’s reserve assets.
Across the English Channel, Revolut also holds authorizations under the EU’s MiCA framework, which provides a harmonized regulatory structure for crypto-asset service providers across member states. This gives the company a potential pathway to expand its stablecoin offerings into European markets without navigating a patchwork of national regulations.
What this means for the competitive landscape
Revolut’s entry into stablecoin issuance represents something broader than one company launching a new product. It marks a shift in how fintechs and banks view stablecoins: not as a crypto curiosity, but as core payments infrastructure.
Revolut sits in an unusual sweet spot. It has the banking licenses, the regulatory sandbox access, the existing crypto infrastructure, and a massive user base that already treats the app as their primary financial hub.
With a 2027 US banking launch on the horizon and stablecoin testing underway in the UK, Revolut is essentially building a global digital currency stack in parallel with its traditional banking buildout.