Revolut Launches EURR Euro Stablecoin as EU Regulatory Shifts Gain Momentum

Revolut has launched its first euro-pegged stablecoin, EURR, in Denmark, Poland, and Portugal. The fintech plans to expand it across the European Economic Area (EEA) later this year.

The launch comes as Revolut removes Tether's USDt from its European retail offering by August 31, 2023. EURR tracks the euro at a fixed value of €1 and is launched on the Ethereum blockchain.

Bridge Building S.A., a Luxembourg entity owned by Stripe, issues EURR. Bridge Building holds an Electronic Money Institution license and MiCA authorization from Luxembourg's CSSF, allowing it to issue e-money tokens across the EEA.

Revolut Digital Assets Europe Ltd. distributes EURR under its own MiCA license from the Cyprus Securities and Exchange Commission. Revolut plans to support more blockchain networks and external wallet transfers later this year.