Revolut Rolls Out First Euro-Pegged Stablecoin EURR
Revolut has introduced its first stablecoin, called EURR, which is pegged to the euro. This new digital currency aims to maintain a value equivalent to one euro and is backed by reserves held and managed by Bridge Building S.A., a subsidiary of Stripe. The EURR stablecoin will be integrated into Revolut's app for individual customers, although it's only available initially to a selected group in Denmark, Poland, and Portugal.
Revolut plans to expand access to EURR across the entire European Economic Area (EEA) by the end of the year. The company also intends to introduce versions linked to other currencies in the future.
The introduction of EURR marks a significant step for Revolut in its strategy to bridge traditional finance and crypto assets. By moving the euro to the 'on-chain' environment, Revolut aims to facilitate easier trading, settlement, and capital movement over blockchain networks.