Revolut Launches EURR Stablecoin on Ethereum and Polygon

Revolut has launched its EURR stablecoin on Ethereum and Polygon. The euro-pegged, MiCA-compliant stablecoin is issued by Bridge and lets users move between euros and crypto assets without converting to a USD stablecoin first.

EURR will roll out to users inside the Revolut app, which has over 50 million users globally. Revolut is also planning to issue stablecoins tied to other fiat currencies.

Bridge holds the reserves and handles redemptions for EURR. The launch brings Revolut alongside Circle and Tether in the euro stablecoin market.

In related news, a manipulated Pendle PT asset triggered a Morpho liquidation. A trader was able to liquidate approximately $36 million in looped positions across Morpho reUSD Principle Token (PT-reUSD) markets curated by Steakhouse Financial.