REVOLUT APPLIES FOR BANKING LICENSE IN PERU

Summary from the TLDR Crypto newsletter

Revolut has applied for a full banking license in Peru as part of its Latin American expansion strategy, targeting the country's $4.93 billion annual remittance market, where approximately 1 million people rely on money sent from abroad. The London-based neobank has seen its stablecoin payment volumes surge an estimated 156% year-over-year to approximately $10.5 billion in 2025 following its October 2025 introduction of 1:1 USD conversion for USDC and USDT. Revolut's move reflects a broader trend across Latin American fintech, with Mercado Libre launching its Meli Dollar stablecoin in Brazil in August 2024, Nubank developing dollar-pegged stablecoin credit card payments, and crypto wallet company Lemon raising $20 million to expand after issuing over 1 million wallets in Peru in under a year.