Revolut now allows its 65 million users to swap stablecoins with no fees, a change that may influence usage costs, liquidity and competitiveness in crypto-custodied services. The update is most relevant for those who use the app for payments or digital asset management, where cost and speed are central consideration.
Stablecoins are digital tokens designed to maintain stable value relative to a currency or basket of reference assets, and Revolut’s zero-cost swapping facilitates conversions between these instruments for its large user base. The move reduces direct friction for users and could alter price and volume dynamics in secondary markets as swapping activity shifts within the platform.
In the short term, removing fees may incentivize greater use of the swap function inside the app, increasing transaction counts and the turnover of stablecoin balances among retail users.
For liquidity providers and custodians, margins may come under pressure if higher volumes are not matched by compensating revenue sources, reshaping how services are priced and delivered.
For active users, the main advantage is the reduction of direct transactional cost; the potential drawback is greater concentration of counterparty and operational risks with the provider that executes the conversions.
Context and impact of stablecoin swaps
By removing fees may increase functional adoption of stablecoins within the platform’s user base, boosting everyday use and accelerating asset turnover. And a higher swap volumes may improve liquidity in the pairs offered internally, while also intensifying premium or discount fluctuations against external references.
The absence of a direct fee encourages revenue substitution through spreads, premium services or yield generation, potentially changing operational incentives. Concentrating activity in a single app elevates the importance of internal controls—custody, reconciliation and KYC/AML—to mitigate operational or security failures.
The initiative may accelerate stablecoin transactions among Revolut users and sharpen focus on how those operations are remunerated and managed. Monitoring volume trends and service margins will be key near-term indicators of sustainability.
