Revolut Launches EURR: Euro-Backed Token Bridges Fiat and Web3
Revolut has announced its latest move in the world of cryptocurrency: the launch of EURR, a new euro-backed token designed to bridge fiat and Web3 on Ethereum. As part of Revolut's effort to remove friction from global money management, EURR will allow eligible customers in Denmark, Portugal, and Poland to use local currency on-chain.
EURR is a stablecoin that maintains a 1:1 value with the euro, providing a seamless and instantaneous bridge between fiat and crypto. The token will initially launch on the Ethereum blockchain network and be available to Revolut customers in Denmark, Portugal, and Poland.
Revolut's partnership with Bridge, which holds the necessary EMI and Crypto Asset Service Provider (CASP) licenses under the EU's new MiCA regulations, allows the company to bypass the massive regulatory hurdle of launching a native token. This is just the beginning for Revolut's stablecoin development roadmap, as the company plans to deploy EURR across multiple blockchain networks and expand its availability to other European countries.
According to Emil Urmanshin, Head of Crypto and New Bets at Revolut, 'EURR connects 80 million Revolut customers directly to on-chain finance. By combining our global scale and licensed banking infrastructure with instant euro-denominated access to the crypto ecosystem, we are unlocking real-world stablecoin utility that no traditional bank or crypto native can match.'