Unlimit’s Groundbreaking Non-Custodial Platform
Unlimit, a fintech payments provider established in London in 2009, has unveiled a groundbreaking non-custodial platform aimed at transforming the stablecoin transaction landscape. This new service is intended to function as a clearinghouse that facilitates swaps between various major stablecoins, while also enabling direct off-ramps to fiat currencies—all through a streamlined user interface.
Decentralized Exchange Features
In a recent announcement, Unlimit highlighted that their platform leverages decentralized exchange features integrated with their extensive global payments framework. This innovation seeks to simplify the often fragmented experience of stablecoin exchanges by offering seamless conversions without additional costs or transaction fees, branded as ‘gasless’ and zero-commission.
CEO’s Vision and Market Context
CEO Kirill Eves articulated the company’s vision, stating that stablecoins are increasingly being perceived as digital counterparts to the U.S. dollar, thereby bridging decentralized finance (DeFi) and traditional financial systems.
However, specifics regarding the stablecoins supported by this new service have yet to be disclosed.
Competitive Landscape
Alongside Unlimit’s initiative, the stablecoin sector has seen multiple fintech companies making significant inroads into this space. In May, Stripe launched accounts that allow users to manage USDC and Bridge’s USDB balances, utilizing capabilities gained from its 2024 acquisition of Bridge and expanding across over 100 countries.
In a similar vein, Revolut recently introduced a framework for 1:1 exchanges between U.S. dollars and prominent stablecoins, allowing users to transact up to $578,630 every month without incurring fees. This step, according to Leonid Bashlykov, Revolut’s head of crypto product, aims to eliminate the barrier between traditional fiat currencies and cryptocurrency transactions.
Moreover, Block, the fintech enterprise formerly known as Square, announced plans to integrate stablecoin transfer capabilities within its Cash App platform. Meanwhile, payment leaders Visa and Mastercard are also entering the stablecoin market: Visa revealed intentions to support stablecoins across four blockchains, with plans for future expansion, while Mastercard has partnered with Thunes to facilitate real-time payouts to stablecoin wallets via its Mastercard Move network.
Market Capitalization
As of now, the total market capitalization for stablecoins stands at approximately $306.8 billion, showcasing the growing importance and adoption of these financial instruments in global finance.
