Crypto’s stablecoin market could see a new entrant as Revolut reportedly eyes a fiat-pegged token of its own.

According to reports, the London-based firm has already begun work on its stablecoin offering, though the product’s timeline or launch date remains unknown. It’s also unclear whether Revolut’s stablecoin would be pegged to the euro or the U.S. dollar.

Revolut, a crypto-friendly fintech bank, has supported digital asset trading since at least 2017. The platform, which launched a crypto exchange for British professional investors in May, also obtained a U.K. banking license in June as part of its crypto expansion roadmap.

Valued at $171 billion on Sept. 18, the stablecoin market seems to be crypto’s hottest sector after Bitcoin (BTC) and the Ethereum (ETH) ecosystem. Stablecoin issuers often accumulated reserves filled with Treasury bills and bonds, earning interest and yield in the process. Tether (USDT), the largest stablecoin company, pocketed profits of $5.2 billion in the year’s first half.

The promise of yield and looming stablecoin regulations in the U.S. have further galvanized interest. Firms like Ripple have announced stablecoin plans, and providers like BitGo and PayPal have introduced fiat-tied tokens.

The European Union implemented its landmark Markets in Crypto-Assets Regulation, opening the doors for issuers like Circle (USDC) to offer stablecoins across the bloc.

In the U.S., lawmakers like Patrick McHenry and Maxine Waters have made progress toward establishing a comprehensive stablecoin framework. Bitwise CIO Matt Hougan opined that rules for fiat-pegged cryptocurrencies could have a greater impact on markets than crypto spot exchange-traded products.