Revolut Unveils EURR Euro Stablecoin in App, Targets Mainstream Users

Revolut has begun rolling out its EURR Euro stablecoin to customers in Denmark, Poland, and Portugal. This marks a significant step towards making the token available to its vast user base of over 80 million retail customers worldwide.

The stablecoin is issued by Bridge Building S.A., under the EU's MiCA framework, and brought to users through Revolut's app. EURR has been designed to be backed by the Euro currency and can be redeemed at face value. This makes it easier for users to link their traditional accounts with crypto activity on-chain.

Revolut's move into stablecoins is notable given the relatively small size of the Euro stablecoin market, which has a total value of less than $800 million. However, Revolut has an established user base of cryptocurrency users, with over 16 million customers already utilizing its crypto services.

The EURR token has been made available on two major networks: Ethereum and Polygon. Bridge Building S.A. is the issuer of the token and supports the reserves backing it. The reserves are kept in segregated accounts in regulated banks or eligible, high liquidity Euro-denominated instruments.