Revolut Begins Offering Fiat-to-Stablecoin Conversions

Revolut is offering users the new ability to swap between stablecoins and fiat currency.

The U.K. FinTech giant announced earlier this week that users can switch between U.S. dollars and Tether’s USDT or Circle’s USDC at a 1:1 rate, with “no spreads” and “straight-up price-matching,” and fees above volume limits.

“This is designed to give you full price transparency and better control when buying or selling digital dollars,” the company wrote on its blog.

“When you trade USD for USDT or USDC, you’ll receive exactly $1 worth of stablecoin for every $1 you spend. So the rate you see is the rate you get. The 1:1 rate ensures there are no hidden costs on your conversions, and you’ll always see the live market price in-app — giving you full visibility before you make your move.”

In addition, users can now spend USDT or USDC anywhere in the world where Visa or Mastercard are accepted, the blog post added.

“Whether you want to spend your tokens on your daily commute or your next big trip, it’s all done with zero exchange fees. Link your balance to any Revolut card, or pick an exclusive crypto-inspired design,” Revolut said.

In other stablecoin news, PYMNTS wrote about the coins evolution away from “their reputation as a paradox in the payments space,” as they are “technologically elegant yet commercially precarious.” All the same, they are becoming tougher to ignore in traditional finance.

“More and more firms who are involved in money movement, who are involved in cross-border money movement … all of those want to take advantage of the speed and capital efficiency and cost efficiency of stablecoin infrastructure,” Circle CEO Jeremy Allaire said on his firm’s third-quarter 2025 earnings call Wednesday (Nov. 12).

“We’re seeing the catalysts from established firms,” he added.

In another report this week, PYMNTS noted that companies like Circle are now looking more like shadow banks than FinTech startups, issuing private money backed by fiat currency and held in treasuries.

“Payment giants, meanwhile, are not sitting idle. Visa, Mastercard, PayPal and others like Stripe are experimenting with blockchain settlement,” that report said. “Visa’s integration of USDC on Solana is a quiet acknowledgment that even incumbents see the inevitability of programmable money. Their goal is not to be disintermediated, but to ensure that if the rails are changing, they remain the tollkeepers.”