Revolut Rolls Out EURR Euro Stablecoin to European Users

Revolut has launched its EURR Euro stablecoin in the app for European users. The rollout is limited to a small number of customers in Denmark, Poland, and Portugal before expanding to the retail application.

The EURR token is backed by the Euro currency and can be redeemed at face value. It's designed to link traditional accounts with crypto activity on-chain, making it easier for Euro holders to transition between fiat and digital currencies.

With an established user base of over 80 million retail customers worldwide using Revolut's banking services, and over 16 million customers already utilizing crypto services, the potential reach is enormous. This comes as a relatively small Euro stablecoin market, with DeFiLlama data showing a total value of less than $800 million in Euro-pegged stablecoins.

The EURR token has an on-chain presence on two major networks: Ethereum and Polygon. The issuer, Bridge Building S.A., is licensed as an e-Money Institution and regulated by Luxembourg's financial regulator. It meets the standards set by the European Union's Markets in Crypto-Assets (MiCA) regulations.

Bridge's involvement includes supporting the reserves backing EURR, which can be redeemed at face value and kept in segregated accounts or eligible instruments. At launch, the total supply of EURR was a tiny €374, with all reserves being cash deposits.