The fintech Revolut has announced an aggressive new policy for its 65 million global users. The platform has eliminated all fees and spreads on conversions between USD and the leading stablecoins, USDT and USDC. According to Leonid Bashlykov, Head of Product Crypto at Revolut, this move allows for the Revolut swap stablecoins at no cost, offering an exact 1:1 parity.
The new functionality allows customers to exchange up to €500,000 every 30 days without any additional cost. Users will receive exactly $1.00 in stablecoin for every $1.00 in fiat, and vice versa. Furthermore, the service offers considerable flexibility. It supports transfers across six key networks. These include Ethereum, Solana, and Tron, facilitating frictionless on-ramps and off-ramps.
This announcement replicates the disruptive strategy Revolut used a decade ago in the foreign exchange (Forex) market. By eliminating hidden fees, the platform seeks to set a new standard in the crypto industry. The measure removes one of the most common friction points for investors: the cost of moving funds between the traditional financial system and the digital economy.
Will this strategy boost Revolut’s dominance in the crypto market?
However, this move is not isolated. Revolut’s wealth division, which includes cryptocurrencies and other assets, experienced 298% revenue growth in 2024. This growth was largely driven by crypto-asset trading activity. Likewise, the company launched its Revolut X platform in May 2024. This desktop platform is designed for professional traders and competes directly with traditional exchanges.
The elimination of fees on stablecoins reinforces Revolut’s aggressive expansion in the digital asset sector. While the company progresses on its MiCA authorization in the European Union, the suspension of its crypto services in the U.S. since 2023 remains a challenge. On the other hand, adopting measures that facilitate the Revolut swap stablecoins at no cost positions the firm to capture a larger share of the growing European retail market.
