Revolut Unveils Euro Stablecoin, Expanding European Reach

Revolut has started rolling out its first stablecoin, EURR, in Denmark, Poland, and Portugal. The company aims to expand the rollout to other European Economic Area (EEA) markets later this year, subject to product, operational, and regulatory readiness.

EURR is issued by Bridge Building S.A., a Luxembourg-based entity of Stripe-owned stablecoin infrastructure company Bridge. Revolut said EURR will be integrated into its retail app and support multiple blockchain networks and transfers to external wallets.

The launch adds a Markets in Crypto-Assets (MiCA)-compliant stablecoin to Revolut as it withdraws Tether's USDt from the EEA and Switzerland. Approximately 2 million customers will be involved in the initial rollout, with EURR initially launching on Ethereum.

Revolut said EURR is designed to maintain a value of one euro and is backed by reserves held and managed by Bridge in accordance with the European Union's MiCA rules. The company did not identify which currencies it is pursuing for future stablecoins.