Simon Taylor
Simon Taylor
USDT+0.33%
🚨 BREAKING: Revolut — the neobank with 50M customers — is quietly building its own stablecoin. Does everyone need their own stablecoin? Can this threaten Circle and Tether's dominance?
Revolut has a distribution advantage: - 50M active customers - Full banking in 30+ countries (EU + UK + MX) - Live crypto exchange already running (Revolut X) - Crypto support in their core product
Is this a good business case? If they got to $7.5B in stablecoin assets at current treasury yield that's ~$300M+ annual revenue - Tether made $5.2B profit last year. - Circle has to give away most of its profit for distribution - Revolut *already has distribution*
Or just great press? This timing could be perfect - The GENIUS Act just passed the Senate - Circle just hit a $61bn market cap - The market is in Mania for anything stablecoins
Stablecoins have network effects. What makes Circle and USDT powerful is they're widely accepted across many networks and wallets. Revolut could do well using a stablecoin for internal treasury, and its own customers, but beyond that? Tougher sell.
My take - Never bet against Revolut - Revolut rarely announces without executing. - They disrupted traditional FX, disrupted stock trading, and made crypto buying mainstream. - Stablecoins are just the next domino. Think they can break the Tether/Circle duopoly? Or is distribution not enough? (Story from @DecryptMedia)
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