Revolut's EURR Stablecoin Launch Sparks Mixed Analyst Reactions Amid Rising Euro-Based Stablecoin Adoption

Revolut has launched its first euro-based stablecoin, EURR, amidst mixed reactions from analysts.

The firm debuted its stablecoin on August 26th and plans to offer stablecoins pegged to other currencies as well. However, critics like Scott Melker doubt the competitiveness of euro-based stablecoins, citing that 'nobody wants euros anywhere outside of Europe'.

Despite this, Euro-based stablecoins have seen rising traction since the MiCA regulation went into effect. According to Artemis data, non-USD stablecoins recorded higher adoption compared to USD-based incumbents, with a 137% growth rate in volume over the past 30 days.

The European Union plans to introduce a digital euro by 2029 to protect banks from private stablecoin encroachment. Meanwhile, Revolut will stop using USDT by the end of August due to its failure to obtain a MiCA license.