Revolut Unveils Euro-Denominated Stablecoin EURR in Select Markets
Financial technology company Revolut has launched its first euro-denominated stablecoin, EURR, in selected markets. The stablecoin is available through Revolut and Revolut X, allowing users to move euro-based value onto blockchain networks without converting to a dollar-backed asset.
The EURR stablecoin was issued by Luxembourg-based Bridge Building S.A., with Revolut acting as the sole distributor. According to its MiCA white paper, Bridge holds the reserves and redeems eligible tokens at EUR 1 each. The token's main use case is avoiding dollar exposure for euro-based users.
Revolut Head of Crypto and New Bets Emil Urmanshin stated that 'EURR connects 80 million Revolut customers directly to on-chain finance.' The stablecoin launched on Ethereum and Polygon, with support planned for other networks including Solana, Arbitrum, Optimism, Avalanche, Injective, TON, and Sui.
The initial supply of EURR shows how early the rollout is, with only 374 tokens in circulation backed by EUR 374 in cash deposits. This is significantly lower than Circle's EURC, which had around EUR 394 million in circulation.