Tether Squeezed Out of Europe as Revolut Rolls Out EURR

Revolut, an 80 million user fintech, started distributing EURR, a euro backed stablecoin issued by Bridge, to customers in Denmark, Poland, and Portugal on August 26. Tether has been locked out of the same market since July 1 after declining to apply for e money token authorization, objecting to the requirement that 60% of reserves be held in EU bank deposits.

The stablecoin war is no longer about which token is biggest; it's about which one is allowed to exist. The global stablecoin market has reached $316 billion, with USDT holding 59% market share ($186 billion) and USDC at 23% ($75 billion), but USDC has overtaken USDT in annual transaction volume at $18.3 trillion versus $13.3 trillion.

Revolut's partnership with Bridge gives EURR instant access to a massive, pre existing user base that already has verified identities, linked bank accounts, and familiarity with buying digital assets. This is not Revolut's creation; the token is issued by Bridge Building S.A., the Luxembourg based entity of Bridge, acquired by Stripe in 2024 for $1.1 billion.