Revolut Offers Feeless Stablecoin Conversion

Revolut has revealed it is offering stablecoin conversion without fees.

As first reported by CoinTelegraph, team member and Head of Product Leonid Bashlykov of the global banking platform Revolut had announced on LinkedIn that customers are now able to swap certain fiat balances to stablecoins without incurring conversion fees.

The post does present a key terms to note, including that this is currently limited to USDC and USDT stablecoins, carries out transactions via 6 blockchains - including Ethereum, Tron, Solana, Arbitrum, Polygon and Optimism - and applies to a fixed term of 30 days for balances up to €500K. Users can also spend via their Revolut cards at 0% fees.

More details are expected on this product update as there are several restrictions including the facilitation of the conversion made explicitly onchain, network fee and gas congestion charges, as well as potential spreads and fees for other local fiat currencies.

This comes at a time when more neobanks, remittance networks and PSPs (Payment Service Providers) are expanding their underlying settlement infrastructure for better transparency and faster settlement times of digital currency conversions.