Revolut Unveils Euro-Pegged Stablecoin EURR Amid Growing Competition

Revolut has launched its first euro-pegged stablecoin, EURR. The fintech firm introduced the new token on August 26, which is tied to the value of the euro and aims to provide users with an additional payment option.

According to Revolut, EURR is designed to maintain the same value as 1 euro and enable digital euros to be moved on-chain. The company stated that it will allow eligible users to move the token more easily between cryptocurrencies, external wallets, and supported blockchain networks.

The launch of EURR aligns with Revolut's expansion of its crypto business. The product is issued through a subsidiary called Digital Assets Europe Ltd, which is regulated by the Cyprus Securities and Exchange Commission as a crypto-asset service provider under MiCA standards. Bridge Building, supervised by Luxembourg's Commission de Surveillance du Secteur Financier, will handle the actual issuance.