Pharos can still tell you how this asset is supposed to work, when it expects to launch, and what sources to watch. Live market, peg, liquidity, and safety surfaces activate only after the first post-launch data sync.
Companion to the already-tracked RGBP (Revolut GBP). Revolut secured a MiCA CASP licence from Cyprus (CySEC) on Oct 23 2025 and operates an existing EMI licence in Lithuania — the legal foundations for issuing e-money tokens under MiCA Title IV. In October 2025, Revolut launched fee-free 1:1 USD↔stablecoin swaps (USDC/USDT on Ethereum, Solana, and Tron) for its 65M users; stablecoin payment volumes on the platform surged 156% in 2025 to ~$10.5B. In February 2026, the FCA selected Revolut as one of 4 firms (from 20 applicants) for a UK stablecoin payment testing pilot — though that sandbox is specifically for a GBP token, not USD. Revolut received a full UK banking licence from the PRA (Mar 11 2026) and filed an OCC national bank charter application for Revolut Bank US, N.A. (Mar 5 2026, targeting a 2027 US launch with built-in stablecoin access). A Revolut-branded proprietary USD stablecoin has not been officially confirmed; the USD path runs through the Lithuanian EMI / MiCA EMT route, and Polymarket currently puts the probability at ~33% by year-end 2026. Specific ticker, chain selection, and reserve disclosure model remain unannounced.
Revolut USD Stablecoin (RUSD) Pre-launch Stablecoin Tracker
RUSD
At a Glance
- Backing
- Real-World Asset Backed
- Governance
- Centralized (CeFi)
- Peg Currency
- US Dollar
- Jurisdiction
- Cyprus / Lithuania (CySEC (MiCA CASP) and Bank of Lithuania (EMI))
Launch Timeline
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Revolut receives full UK banking licence from the PRA
Revolut exits mobilisation; 13M UK customers gain FSCS protection. A GBP stablecoin would be issued from Revolut's e-money entity, not the UK bank.
SourceRevolut files OCC national bank charter application (Revolut Bank US, N.A.)
Revolut applies for a US national bank charter with a $500M investment commitment, targeting a 2027 US bank launch with built-in stablecoin access (third-party USDC/USDT, not confirmed own issuance).
SourceFCA selects Revolut for UK stablecoin payment testing pilot
Revolut is one of 4 firms chosen from 20 applicants to trial stablecoin products in real-world UK conditions from Q1 2026; use cases include stablecoin payments, wholesale settlement, and crypto trading. Results will inform the FCA's crypto regulatory framework targeting October 2027.
SourceRevolut Digital Assets Europe receives MiCA CASP licence from CySEC
Revolut's Cyprus entity gets MiCA authorisation to passport regulated crypto services across the EEA; unveils 'Crypto 2.0' platform with 1:1 stablecoin/USD conversion as a flagship feature.
SourceEU counsel describes a Revolut USD/EUR stablecoin in 2026 as 'plausible' under MiCA
Decrypt reports Revolut's Lithuanian EMI provides the EMT issuer foundation; Cyprus CASP licence is the service-provider side; sources say Revolut has been working on its own stablecoin for over a year.
SourceThe Cyprus Licence Was the Easy Part
Revolut's expected USD stablecoin remains pre-launch, with ticker, chain, and reserve model still unannounced. RUSD represents Revolut's expected USD stablecoin direction, sister to the already-tracked RGBP. The legal substrate was assembled in 2025: Revolut Digital Assets Europe took a MiCA CASP licence from CySEC on October 23 2025, and Revolut's existing Bank-of-Lithuania EMI provides the e-money-token issuer foundation that MiCA Title IV requires. The Cyprus announcement also unveiled 'Crypto 2.0' with '1:1 conversion between stablecoins and USD' as a flagship feature — close enough to a product tease that EU counsel described a 2026 Revolut stablecoin as plausible. The harder questions are downstream: ticker, chain choice, reserve and disclosure model, mechanics, and how Revolut navigates the UK Bank of England's proposed restrictions on cross-group stablecoin issuance that already constrain RGBP. Ticker, chain, reserve model, and first-issued variant remain unannounced.
Updated
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Revolut secures MiCA license in Cyprus, expanding regulated crypto services across Europe
CySEC MiCA authorisation lets Revolut passport regulated crypto services across the 30 EEA countries; 65M global users; Crypto 2.0 platform unveiled alongside.
Revolut secures MiCA license in Cyprus, is a stablecoin next?
EU counsel describes a Revolut stablecoin in 2026 as 'plausible' under MiCA; clarifies that the Cyprus CASP licence does not itself authorise issuance, which must come via Revolut's Lithuanian EMI.
Revolut Plans 2027 US Bank Launch With Stablecoin Services Built In From Day One
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