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 covering payments, wholesale settlement, and crypto trading — results will inform the FCA's crypto framework targeting October 2027. A Revolut-branded proprietary USD stablecoin has not been officially confirmed; Polymarket puts the probability at ~25% by year-end 2026. Specific ticker, chain selection, and reserve disclosure model remain unannounced.
Revolut USD Stablecoin
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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FCA 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
RUSD is the placeholder Pharos opens for Revolut's expected USD stablecoin, 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 disclosure model, and how Revolut navigates the UK Bank of England's proposed restrictions on cross-group stablecoin issuance that already constrain RGBP. Pharos opens this entry against the announced USD direction; will trim if Revolut formally names a different first-issued variant.
Updated
Discover
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 secures MiCA licence in Cyprus to launch Europe-wide crypto services
Crypto 2.0 product suite includes 280+ tokens, zero-fee staking and 1:1 stablecoin-to-USD conversion without spreads.
Links
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