Revolut Launches Euro-Backed Stablecoin EURR in Selected European Markets

Revolut has begun rolling out its euro-backed stablecoin, EURR, to selected customers in Denmark, Poland, and Portugal. The company describes this rollout as a distribution play, leveraging its app with over 75 million customers to provide access to the stablecoin. Initially, eligible users in these test markets can move between euros, crypto, external wallets, and supported blockchain networks.

EURR is an e-money token under the European Union's Markets in Crypto-Assets framework. Bridge Building S.A., a company affiliated with Stripe, serves as the regulated issuer and redemption counterparty. Tokenholders have the right to redeem EURR at par against Bridge at any time, subject to applicable terms and redemption process.

As of August 25, Bridge reported €374 in outstanding EURR circulation and €374 in reserve assets. All backing is held as cash deposits in credit institutions. In comparison, Circle's EURC has a significantly larger circulation of €394.5 million, backed by various blockchain networks.