Revolut has eliminated all fees and spreads when converting between USD and two major stablecoins, USDT and USDC, allowing its 65 million global users to exchange up to €500,000 every 30 rolling days at exact 1:1 rates.
Leonid Bashlykov, Head of Product Crypto at Revolut, announced the feature on LinkedIn, emphasizing that users will receive exactly $1.00 in stablecoins for every $1.00 in cash and vice versa.
The surge was primarily driven by increased crypto trading activity across the industry, as well as the successful May 2024 launch of Revolut X, the company’s standalone desktop trading platform designed for professional traders. Revolut X offers trading in more than 100 tokens with fixed fees of 0% for makers and 0.09% for takers, regardless of volume, positioning it as a direct competitor to established crypto exchanges.
Revolut’s wealth division, encompassing cryptocurrency, commodities, trading, and savings products, generated £506 million in 2024 while posting 298% year-over-year revenue growth.
The fintech reported record financial results for 2024, surpassing $1 billion in annual profit for the first time with net earnings reaching £1.1 billion, a 149% increase compared to the previous year. Total revenue increased 72% to £3.1 billion, with subscription services rising 74% to £423 million and the loan book expanding 86% to £979 million as the company prepared to launch full banking operations in the UK following its approval of a restricted banking license in July 2024.
The platform was expanded to 30 additional European countries in November 2024, providing real-time trading tools, advanced analytics, and TradingView chart integration for users across the European Economic Area.
In August, Revolut partnered with Ledger, allowing customers in several EEA countries to buy cryptocurrencies using their Revolut accounts or cards through Ledger Live. Most customer funds are stored in cold storage with 24/7 encrypted chat support, while advanced risk monitoring tools prevent account takeovers.
The company launched Revolut Ramp in March 2024, partnering with MetaMask developer Consensys to enable users to purchase crypto directly in their Web3 wallets.