Revolut Enters Euro Stablecoin Market with EURR Launch
Revolut has launched its first euro-backed stablecoin, EURR, in Denmark, Poland, and Portugal. The company plans to expand the distribution of EURR across the European Economic Area later this year.
The EURR stablecoin is designed to maintain a €1 value and is backed by reserves under applicable MiCA requirements. It can be held within the Revolut app and moved between euros and crypto, with the ability to work across multiple blockchain networks and external wallets.
Revolut sees EURR as the first step in a larger stablecoin plan that could include tokens linked to other currencies. The company aims to use its large customer base and existing financial services to push the EURR stablecoin.
The launch adds another name to the European stablecoin market, where Circle has already built a strong position with EURC. Revolut's wide customer base stands at 80 million, giving the company a broad base of users who could potentially access EURR through an app they already use.