Revolut Rolls Out 1:1 USD to Stablecoin Conversions

Neobank Revolut has introduced a 1:1 conversion between USD and stablecoins, allowing its 65 million users to exchange up to $578,630 every 30 rolling days without incurring fees or spreads.

“Today marks the day we remove all anxiety and friction of moving between fiat and crypto,” Revolut’s Head of Product in Crypto, Leonid Bashlykov, posted to LinkedIn on Thursday. 

“1:1 Stablecoins by Revolut — $1.00 means $1.00.”

Revolut reported holding nearly $35 billion worth of assets on behalf of its customers in 2024, marking a 66% increase from 2023, while its monthly transactions on the platform also rose considerably.

Revolut’s offering will apply to Circle’s USDC (USDC) and Tether (USDT) across six blockchains, including Ethereum, Solana, and Tron, Bashlykov noted.

It comes about a week after Revolut secured a Markets in Crypto-Assets Regulation license from the Cyprus Securities and Exchange Commission, permitting it to offer regulated crypto services in 30 countries that are part of the European Economic Area.

Bashlykov said the 1:1 conversions aren’t about getting a better rate but about “completely eliminating the pain of going on and off-chain.”

However, the 1:1 conversions will have a profound impact on small to medium-sized businesses in countries facing economic challenges, such as Turkey, according to Elbruz Yılmaz, managing partner at venture capital firm Outrun, in response to Bashlykov’s post.

He noted that SMBs lose considerable value when having to convert from a currency like the Turkish lira to the USD, which is further compounded by SWIFT fees and slippage when transferring funds across borders.

“A clean one to one ramp turns stablecoins from a speculative asset into working capital infrastructure. Faster cycles. Less FX bleed. Better treasury control.”