Revolut Enters Stablecoin Market with Launch of Euro-Backed EURR

Revolut has announced its entry into the stablecoin market with the launch of EURR, a euro-backed token. The fintech started rolling out the stablecoin on August 26 and is initially available to select customers in Denmark, Poland, and Portugal. A broader launch across the European Economic Area is planned for later this year, subject to product, operational, and regulatory readiness.

EURR is issued by Bridge, a stablecoin platform acquired by Stripe in 2024, and is fully integrated into the Revolut retail app. The stablecoin maintains a value of €1 and is backed by reserves held and managed by Bridge. According to Revolut, EURR will enable eligible customers to move between euros and crypto seamlessly.

Revolut is not alone in its pursuit of a euro-backed stablecoin, as European authorities push for euro-denominated stablecoins to challenge US dominance. The European Central Bank's Christine Lagarde has argued that Europe must promote euro-denominated stablecoins to maintain monetary sovereignty.