Revolut Launches Modest Euro-Denominated Stablecoin Offering

The Revolut has launched its Euro-denominated stablecoin, EURR, but its initial offering is modest at just 374 euros. The token was made available on August 20th and is issued by Bridge Building S.A., a Luxembourg-based electronic money institution and crypto service provider.

Although the Revolut is publicly associated with the EURR, it's not directly responsible for the stablecoin's release. According to documentation, the Revolut Digital Assets Europe Ltd. is the exclusive distributor of the token.

The Bridge's reserves are backed by cash or euro-denominated assets at commercial banks, with an independent auditor or accounting service verifying that the reserve equals or exceeds the value of outstanding tokens on a monthly basis.