Revolut is a bank that holds your money for you. Defied is a wallet where your digital dollars and euros stay in an account only you control. Here is how they differ on custody, sending, earning and safety, and when each one makes sense.

Revolut and Defied both live in an app on your phone, both handle euros and dollars, and both move money in seconds. Under the surface they work in opposite ways.

Revolut is a bank. It holds your money on its balance sheet and decides the limits, the terms and what you can do with it. Defied is a wallet. Your balance sits in an onchain account (an account on a public blockchain network) that only you control, and Defied is the app you use to reach it.

This guide compares the two on what matters day to day: who holds your money, how you send it, how you can earn on it, and what protects you when something goes wrong.

The short answer

  • Choose Revolut for a payment card, travel spending in many currencies and a deposit guarantee on your balance.
  • Choose Defied for digital dollars and euros that only you control, transfers to anyone in seconds at any hour, and direct access to public lending markets at variable rates.
  • Use both if you want a card for spending and a wallet of your own for the money you hold.

Who holds your money

Revolut holds your money for you. In most EU countries it serves customers through its EU-licensed bank, so your euro balance is a deposit, covered by a deposit guarantee scheme up to €100,000. Crypto you buy in Revolut is held by Revolut's crypto arm on your behalf. Either way, your balance is a claim on Revolut, and Revolut's compliance checks, limits and terms apply to it.

Defied never holds your money. Your balance is EURC and USDC, digital euros and dollars issued by Circle, in a wallet created for you when you sign in. Only you can approve a payment from it. Defied can't move, freeze or lend out your funds, because they never pass through Defied. Our guide to non-custodial wallets explains how that works in practice.

A bank protects your balance with a guarantee and sets the terms. With a wallet you control, you set the terms, and keeping your login safe is your job.

Euros and dollars

In Revolut, euros and dollars are bank balances in currency accounts, and you exchange between them inside the app. Revolut also sells stablecoins (digital currencies that track the euro or the dollar), and in August 2026 it began offering its own euro stablecoin, EURR, issued by Bridge, starting with Denmark, Poland and Portugal.

In Defied, your euros are EURC and your dollars are USDC. Both are issued by Circle, a regulated company that holds reserves and publishes regular attestations, and both run on Base, a public network. You can swap between them in the app at the market rate. Because they're public digital money, they work with any wallet that supports them, not only Defied.

We compare the main euro stablecoins in the best euro stablecoin.

Sending money

Revolut sends instantly to other Revolut users and by SEPA to any euro bank account. Across the euro area, SEPA Instant now makes fast euro transfers standard at most banks, so this is no longer unique to Revolut.

Defied sends EURC or USDC to anyone with a wallet on Base, by address or Defied username. A payment settles in seconds, any hour and any day, and the person receives it in a wallet they control. With a personal IBAN, where available, euros sent to you by SEPA arrive as EURC, and you can send them back to a bank account when you need to.

Sending to another wallet is free in Defied. Swaps, bank top-ups and withdrawals have a fee, listed on our fees page and shown in the app before you confirm. Our guide to sending money abroad compares the methods.

Earning on your balance

Revolut offers savings accounts and funds at rates it sets and can change. Your money stays with Revolut, under its terms.

Defied lets you lend your EURC or USDC from your own wallet in public lending markets on Base, such as Aave and Morpho. Rates come from borrowers' demand, change all the time and are never guaranteed. You keep the funds in your wallet's name throughout and can withdraw when the market has liquidity. Here's where that yield comes from.

These are different kinds of risk. A bank savings account carries the bank's risk and its guarantee. A lending market carries protocol risk: a bug, a bad loan or a sudden drop in liquidity can cost you money, and no scheme covers it. Read the risk disclosure before you lend.

What Revolut does that Defied doesn't

  • A payment card. Defied has no card today, so you can't tap to pay in a shop with it.
  • Many currencies. Revolut handles dozens of currencies. Defied holds digital dollars and euros.
  • A deposit guarantee. Revolut's bank deposits are covered up to €100,000. Defied balances are not.
  • Stocks and other products. Revolut sells shares, insurance and more. Defied doesn't.

If you need any of these, you need Revolut or another bank.

What Defied does that Revolut doesn't

  • Self-custody. Your money is in an account only you control, with no balance sheet in between.
  • Works with other wallets. EURC and USDC work with any compatible wallet or app, so you're never locked into one company.
  • Payments at any hour. Transfers settle onchain in seconds, weekends included.
  • Direct market access. You reach public lending markets yourself, and you can see the rate and the market's size before you decide.

Which one should you use

  • Everyday spending and travel: Revolut, for the card and the currencies.
  • Money you want under your own control: Defied, in EURC and USDC.
  • Paying people abroad or getting paid: Defied, if they can receive stablecoins; a bank or Wise, if they need a bank transfer.
  • Savings you want guaranteed: a bank deposit, within the €100,000 limit.

Avoid keeping all your money in one place, whichever place it is. Our comparison of Revolut alternatives covers the other options.

Start with Defied

Defied is a wallet for EURC and USDC that only you control. Hold, send and swap them, and lend in public onchain markets at variable rates, without a bank. Get the app for iPhone, or use it in your browser.

This article is for informational purposes only. Defied is a non-custodial software interface and does not provide financial advice. Please read our risk disclosure and terms of use before using the Services.

Last updated: 2026-10-12

Frequently asked questions

Is Defied a replacement for Revolut?

Not for everything. Revolut is a bank with cards, many currencies and a deposit guarantee. Defied is a wallet for digital dollars and euros that only you control. Many people keep Revolut for spending and use Defied for the money they want to hold, send and grow themselves.

Can I send money from Revolut to Defied?

Yes. If you have a personal IBAN in Defied, send euros to it from Revolut by SEPA and they arrive in your wallet as EURC. You can also withdraw supported stablecoins from Revolut to your Defied wallet address, where Revolut allows it.

Is my money in Defied covered by a deposit guarantee?

No. Defied is not a bank and never holds your money, so there is no deposit guarantee. Your balance is EURC and USDC in a wallet only you control. EURC and USDC are issued by Circle, which holds reserves and publishes regular attestations. Read the risk disclosure before you deposit.

Can Defied freeze my account?

Defied can't move or freeze your funds, because it never holds them. Your balance sits in your own onchain account. The issuers of a stablecoin can block specific addresses under their own rules, which is one of the risks covered in our risk disclosure.

Does Revolut have stablecoins too?

Yes. Revolut lets you buy stablecoins such as USDC inside its app, and in August 2026 it started offering its own euro stablecoin, EURR, issued by Bridge, in a few countries first. Inside Revolut those coins are held by Revolut for you, unless you withdraw them to a wallet of your own.

This article is for general information only and is not investment, legal or tax advice. Any rates mentioned are third-party protocol or market rates at the time of writing; they change constantly and are not offered or guaranteed by Defied. Stablecoins are not bank deposits and are not covered by deposit guarantee schemes. Defied is a non-custodial software interface and does not hold customer assets. Read the Risk Disclosure before using the service.