In brief
- Revolut has tapped Ethereum network Polygon to power stablecoin payments and crypto remittances.
- The network has facilitated nearly $700 million in trading volume since being integrated last December.
- Revolut boasts more than 65 million customers in 160 supported regions.
Major European fintech firm Revolut is teaming with Ethereum scaling network Polygon to power crypto remittances and stablecoin payments via the Revolut app, the network announced on Tuesday.
First integrated last December, the network has facilitated more than $690 million in trading volumes via Revolut thus far.
“This integration with Revolut represents exactly the kind of real-world utility for everyday people we’ve been building toward,” said Polygon Labs CEO Marc Boiron, in a statement. “By making blockchain payments invisible to the end user, integrated with everyday traditional payment experiences, and delivering superior speed and cost efficiency, we’re seeing the future of finance unfold.”
Polygon’s collaboration with Revolut enables the fintech firm’s customers in the UK and European Economic Area (EEA) to make crypto remittances in stablecoins USDC and USDT, as well as POL (formerly MATIC)—the network’s native token.
POL trading is also available via Revolut’s app and its sidechain is accessible through Revolut Ramp, allowing users to easily onboard fiat currencies to the network.
“One key way of judging success is by how well our infrastructure continues to meet new and developing regulations,” Aishwary Gupta, Polygon’s global head of payments, exchanges, and RWA, told Decrypt. “We want to show lawmakers not only how fintechs and banks can be compliant, but to show them what’s possible when payments are made on the blockchain.”
The European neobank has more than 65 million users across 160 supported countries and regions, according to its website. It has offered crypto trading to select geographies since 2017, but shuttered that functionality for U.S. users in 2023 due to regulatory uncertainty.
Last month, the firm secured a MiCA license in Cyprus, potentially positioning it to launch its own stablecoin. Sources familiar with the matter told Decrypt in June that the firm was exploring the launch of its own stablecoin just a year after it expanded its crypto services to more than 30 countries with the launch of Revolut X.
Predictors on Myriad give the firm just a 16% chance of announcing such a token by the end of the year. (Disclaimer: Myriad Markets is a product of Decrypt parent company, Dastan).
Polygon is home to more than $3.2 billion of stablecoins, or around 1% of the total stablecoin market cap, according to data from DefiLlama. The network has seen a stablecoin decrease of around 0.30% in the last seven days.
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