Integrated provision of FDIC accounts and cryptocurrencies
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Reuters reported on the 4th, citing remarks by Revolut U.S. CEO Cetin Duransoy, that customers would be able to use stablecoin services following the launch of the U.S. bank.
CEO Chetin Duransoy stated that the bank aims to launch next year and plans to offer FDIC-guaranteed deposit accounts, multi-currency deposits, stock trading, and cryptocurrency services. The primary customer base consists of individuals and corporate clients requiring international financial services.
Revolut applied for a U.S. national banking license in March of this year. If it obtains the license, it will be able to provide banking services across the United States under a single federal regulatory framework.
This application marks a shift in direction from the previous strategy of considering the acquisition of a U.S. bank. Revolut plans to accelerate business expansion through direct entry into the U.S. market.
Revolut is also targeting the rapidly growing stablecoin market. According to DefiLlama, the global stablecoin market has expanded to approximately $319.5 billion (489 trillion KRW). This represents a significant increase from the previous $247 billion (378 trillion KRW).
Founded in 2015, Revolut currently provides digital banking, payment, investment, and cryptocurrency services to over 75 million customers worldwide. Outside the United States, it is already operating payment services utilizing USDT and USDC.
Competition surrounding the stablecoin market is also expanding. Digital bank SoFi launched the dollar-based stablecoin SoFiUSD last year.
Falcon Finance recently introduced the stablecoin fUSD through Anchorage Digital's issuance platform. MoneyGram also launched MGUSD in partnership with Stripe's Bridge.
Meanwhile, in the United States, the competition among fintech and cryptocurrency companies to secure banking licenses continues. Nubank and Crypto.com received conditional national banking approval this year, and Circle, Ripple, BitGo, Fidelity Digital Assets, Paxos, and others are also pursuing the banking licensing process.
Reporter Jeong Ha-yeon yomwork8824@blockstreet.co.kr
