A new report from Obchakevich Research reveals that neobank Revolut, with over 50 million mainstream users, has quietly become one of the world's largest cryptocurrency transaction platforms. Its monthly crypto volume is now approaching $25 billion, representing a roughly 25-fold increase over approximately two years. Volume sat below $1 billion through early 2024, crossed $5 billion around mid-2024, and has been climbing steeply since with no visible deceleration.
Chain distribution data shows Ethereum accounts for 67% of Revolut's crypto volume, covering ETH purchases, ERC-20 token transfers, and USDC movements. Tron handles 23%, which analysts interpret as a signal of stablecoin adoption, as users are likely moving USDT for cheap, fast transfers rather than trading TRX itself. The combined Ethereum and Tron share of 90% indicates the overwhelming majority of activity is either dollar-denominated stablecoin movement or direct ETH exposure.
This growth is attributed to Revolut's distribution model, embedding crypto access within an existing mainstream financial app used for currency exchange and budgeting, rather than requiring users to seek out a dedicated crypto platform. This mirrors adoption drivers in Latin America via Nubank and Mercado Pago.
Separately, a new ranking from Rand Group highlights a power shift in the crypto ecosystem's valuation. Tether (USDT issuer) leads the market with an estimated valuation between $100 billion and $500 billion, surpassing the combined valuation of Binance ($90B), Coinbase ($44.5B), and Kraken ($20B). This underscores the perceived value of stablecoin issuance and liquidity provision over retail trading platforms.
The report also notes the strength of infrastructure and 'picks and shovels' companies. Bitmain is valued at $15 billion, IREN at nearly $15 billion, and Alchemy at $10.5 billion, suggesting the B2B services sector is increasingly robust compared to consumer-facing exchanges.
