Global financial technology firm Revolut has eliminated all fees and spreads for conversions between the U.S. Dollar (USD) and two major stablecoins, USDT and USDC. The move allows Revolut’s 65 million global users to exchange up to €500,000 every 30 days at exact 1:1 rates, removing the typical markup charged by exchanges. This replicates Revolut’s successful strategy in foreign exchange, making transparent fiat-to-crypto conversion a standard for its digital banking users.
Leonid Bashlykov, Head of Product Crypto at Revolut, confirmed that users will now receive precisely $1.00 in stablecoins for every $1.00 in cash, and vice versa. The service supports transfers across six major blockchain networks, including Ethereum, Solana, and Tron, providing seamless, fee-less on-ramp and off-ramp capabilities.
Record Profits Driven by Crypto Trading Growth
The fee elimination move comes as Revolut’s wealth division reports explosive growth. The division, which includes cryptocurrency, commodities, and trading products, saw a 298% year-over-year revenue surge, generating £506 million in 2024.
This jump was largely fueled by increased crypto trading activity and the successful launch of Revolut X in May 2024. The dedicated desktop trading platform, aimed at professional traders, offers trading in over 100 tokens with highly competitive fixed fees: 0% for makers and 0.09% for takers, regardless of volume. Revolut X expanded to 30 additional European countries in November 2024, positioning the company as a direct competitor to established crypto exchanges.
Overall, the fintech reported record financial results for 2024, achieving over $1 billion in annual profit for the first time, with net earnings reaching £1.1 billion—a 149% increase from the previous year.
