Revolut Launches Euro-Backed Stablecoin EURR in Three European Countries

Revolut Introduces EURR Stablecoin to Select Customers

Revolut, a financial technology company, has started offering its euro-backed stablecoin called EURR to selected customers in Denmark, Poland, and Portugal. A stablecoin is a type of digital currency designed to maintain a stable value by being backed by a reserve asset, such as traditional money.

The rollout is limited to eligible users in these three countries for now. Revolut plans to expand access to more markets later this year. The company also mentioned that stablecoins tied to other currencies are in development.

How EURR Works and Who Is Involved

EURR is issued by Bridge Building S.A., a company described as part of Stripe, and is regulated under the European Union’s Markets in Crypto-Assets (MiCA) framework. This means EURR is classified as an e-money token, a type of digital currency that represents traditional money on a blockchain—a digital ledger that records transactions.

Revolut acts as the distributor, allowing users to access EURR through its app, which has over 75 million customers. Users can convert between euros, other cryptocurrencies, and EURR, as well as move funds to external wallets and supported blockchain networks like Ethereum and Polygon.

Regulation and Reserve Details

Bridge Building S.A. is authorized as an electronic money institution by Luxembourg’s financial regulator, the Commission de Surveillance du Secteur Financier (CSSF). It is also registered as a crypto-asset service provider, allowing it to offer custody, exchange, and transfer services.

EURR holders can redeem their tokens for euros at any time through Bridge, subject to the terms and conditions. The reserves backing EURR are held in segregated accounts at regulated credit institutions or invested in highly liquid euro-denominated assets. As of August 25, Bridge reported 374 EURR in circulation, with an equal amount held in reserve as cash deposits.

Comparison with Circle’s EURC

EURR enters a market where Circle’s EURC is already established. Circle reported €394.5 million of EURC in circulation as of August 24, significantly more than EURR’s current supply. EURC is available on multiple blockchains, including Avalanche, Base, Cronos, Ethereum, Solana, Stellar, and World Chain.

While Circle issues EURC under a French regulatory license, Bridge handles the issuance and redemption of EURR, with Revolut providing the brand and customer access.

What This Means for Users

Revolut’s launch of EURR provides its customers with a new way to use digital euros within its app. The stablecoin allows for quick conversions between traditional money and crypto, as well as transfers across supported blockchains. The limited initial rollout suggests Revolut is testing the product before a broader release.

Sources

• The Defiant