Revolut Enters Stablecoin Market with Euro-Backed EURR Token

Revolut has announced its first stablecoin, EURR, which is backed by the euro and issued through stablecoin platform Bridge. The fintech company commenced a phased roll-out of the stablecoin on August 26, initially available to select customers in Denmark, Poland, and Portugal.

The broader launch across the European Economic Area is expected later this year, subject to product, operational, and regulatory readiness. EURR is designed to maintain a value of €1, backed by reserves held and managed by Bridge.

Revolut's stablecoin will give eligible customers a euro-denominated, on-chain rail to move between euros and crypto, marking the company's next step in becoming a bridge between fiat and crypto. According to Iman Olya, product owner of stablecoin at Revolut, EURR 'completely removes the pain of moving on and off-chain,' becoming a seamless and instantaneous bridge between fiat and crypto.

Revolut is the latest company to join the global stablecoin push, following fintech giants like Stripe, Klarna, and Visa. European authorities have been pushing for euro-backed stablecoins to challenge US dominance in the market, with Christine Lagarde, president of the ECB, stating that Europe must promote its own euro-denominated stablecoins to remain relevant.