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Revolutiona UK-based digital banking service, has introduced a new feature that allows users to convert US dollars directly into stablecoins at a fixed 1:1 exchange rate.
This service allows up to $578,630 in these conversions for 30 dayswithout any extra charges or hidden markups.
The new option support the USDC
USDC
USDT
$1.00
and works on six different blockchain networksincluding Ethereum
ETH
SOL
TRX
$0.2955
.
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According to Leonid Bashlykovthat oversees crypto products in Revolut, this change aims to simplify how people transfer between regular money and digital currencies.
Bashlykov stated that the company would cover any price difference internally to maintain the 1:1 rateas long as the stablecoins remain pegged to the US dollar.
Elbruz Yılmaz, a managing partner of Outrun, a venture capital firm, said potential benefits for businesses in countries dealing with currency instability.
For example, small businesses in Turkey often lose money when converting from the local currency to dollars due to high fees and market fluctuations. He noted that direct access to stablecoins at a fixed fee could help these businesses better manage their finances and reduce unnecessary costs.
Revolut’s support for crypto has grown steadily since it first started crypto trading in 2017. The platform now supports more than 200 tokens and allows users to pay for everyday purchases with crypto.
The Bank of England recently confirmed that its planned restrictions on the use of stablecoins are not intended to last. What did Deputy Governor Sarah Breeden say? Read the full story.
