Revolut’s stablecoin payment volume jumped in 2025, with year-over-year growth reported at 156% to an estimated $10.5 billion. The inflection was driven by fee-free USD-to-stablecoin conversions and a deliberate push to route activity through Polygon alongside existing rails.
That growth also reshaped how value moved through the app. Transfers skewed toward retail-sized payments, with the $100–$500 band representing roughly 30–40% of transactions, while Ethereum remained the primary settlement layer and Polygon absorbed a meaningful share of on-chain throughput.
Stablecoins on @Revolut are showing exponential growth. The volume of transactions with stablecoins is growing four times faster at 156% compared to the total payment volume of 38.5%.
This indicates the active implementation of crypto solutions on @Revolut. Over the year, the… https://t.co/1XBP5K07J5 pic.twitter.com/TiO1JwowbE
— Alex (@obchakevich_) January 12, 2026
What changed in Revolut’s on-chain mix
Public dashboards and researcher aggregation point to a clear shift in composition versus 2024. Stablecoins nearly doubled their share of Revolut’s total payments, indicating the product was used less as a niche crypto feature and more as a routine payment rail. The most common transfer sizes clustered where everyday remittances and small business payments typically sit, reinforcing the idea that flows were practical rather than purely speculative.
Network distribution also became more defined. Ethereum handled more than two-thirds of Revolut’s stablecoin volume, with Tron in a secondary role, while Polygon processed about $690 million of Revolut’s 2025 transfer volume as users sought lower-cost execution. The combination suggests a split between deep-liquidity settlement on Ethereum and cost-efficient throughput on Polygon.
Researcher commentary tied the pattern directly to pricing. The removal of conversion fees for USDC and USDT materially reduced friction for retail users and aligned with the observed increase in stablecoin payment share. With zero-fee swaps available across a reported 65 million global customers, the incentive to move USD into stablecoins for payments became structurally stronger.
Regulatory and market context that supported scaling
Revolut’s operating environment also tightened into a more “institution-ready” posture during 2025. The firm obtained a MiCA license in Cyprus and signaled plans for zero-cost USD and euro stablecoin transfers, positioning rollout alongside clearer EU rules. That regulatory alignment matters because it reduces distribution uncertainty and supports more standardized controls around custody, reporting, and customer protections.
At the same time, stablecoins broadened as a payments and settlement instrument across the market. Global stablecoin transactions were estimated at $33 trillion in 2025, with USDC and USDT reported at $18.3 trillion and $13.3 trillion respectively, while total stablecoin market capitalization rose from about $205 billion in January to roughly $306 billion by November 2025. That macro expansion creates a tailwind: deeper liquidity, more counterparties, and more “normal” usage patterns for fintech payment stacks.
Looking forward, the key execution questions are practical rather than theoretical. Product and risk teams will be watching whether fee-free swaps produce durable user behavior, how costs shift as activity migrates between Ethereum and Polygon, and whether retail-sized stablecoin transfers remain consistent once pricing incentives normalize.
