Revolut, Mastercard tap Polygon for new integrations

EU-based fintech giant Revolut has tapped Polygon as its "go-to stack for stablecoin transfers, payments, and trading."

"With over 65 million users across 38 countries, Revolut’s integration marks a pivotal moment, allowing users who opt-in to send and receive money via Polygon’s rails seamlessly, without high-fees or the silo of borders," Polygon Labs wrote in an announcement on Tuesday. "Native on- and off-ramps in the Revolut app ensure seamless user experience."

The move is part of a "first phase of close collaboration" between Revolut and Polygon, which has already become a dominant blockchain-based platform for the neobank's users. According to the release, Revolut users have processed more than $690 million in volume over Polygon as of November.

As part of the partnership, Revolut will integrate Polygon-based services directly into its app, unlocking easier stablecoin transfers and remittances using USDC and USDT, in-app crypto card payments, POL token staking.

"Gas costs on eligible transfers are covered, which means free transfers for users, and significant savings for cross-border remittances," Polygon Labs noted.

The announcement comes on the heels of Mastercard tapping Polygon to power the initial expansion of its Mastercard Crypto Credential identity solution to self-custody wallets, with Mercuryo as the first user. Polygon is also powering DeCard’s new merchant stablecoin feature and R25’s rcUSD+ digital dollar.

About $3.2 billion worth of stablecoins have been issued on Polygon, according to The Block's data dashboard.

Last month, Polygon rolled out its Rio upgrade that introduced stateless block verification and other significant changes to make the network faster and lighter for global payments and real-world asset use.