Revolut Unveils Euro-Backed Stablecoin to Simplify Crypto Conversions
Revolut has launched its euro-backed stablecoin, EURR, in three European markets: Denmark, Poland, and Portugal. The fintech is targeting its 80 million users with this move, including over 16 million crypto enthusiasts.
The EURR stablecoin maintains a value of €1 and allows customers to convert euros directly into crypto markets or decentralized applications without the need for intermediate steps like converting euros into USDC or USDT. This development gives Europe's relatively small stablecoin market a boost, with euro-backed stablecoins totaling around €450 million compared to about $300 billion for dollar-denominated tokens.
Revolut emphasized that EURR is just the beginning, and that stablecoins linked to other currencies are already in development. The company itself is not the issuer of EURR; Bridge Building S.A., a part of Stripe-owned Bridge, holds the reserves and redemption obligation. This structure allows Revolut to move quickly while keeping customer relationships within its own app.