coindesk.com
Europe’s leading fintech firm Revolut has unveiled its own euro-backed stablecoin, EURR, which will be built into the platform’s retail apps.
Revolut, whose app boasts over 80 million retail customers, said the stablecoin’s rollout will start with a select group of customers within Denmark, Poland, and Portugal in an emailed announcement on Wednesday. The token shares its ticker with Stablr’s euro-backed stablecoin, which currently has a 6.4 million market capitalization.
EURR gives the still-small euro-stablecoin sector a potential distribution channel far beyond crypto-native platforms. Revolut says more than 16 million of its customers already use crypto, meaning wider integration of EURR could put a euro-denominated onchain asset in front of a mainstream audience through an app they already use for banking.
The stablecoin ecosystem is currently worth over $300 billion, though euro-pegged stablecoins represent less than $800 million of that, according to DeFiLlama data.
Despite the Revolut branding, the MiCA-compliant stablecoin is legally issued by Bridge, a firm owned by Stripe. It’s authorized as an electronic money institution and supervised by Luxembourg’s markets watchdog.
Each token can be redeemed against Bridge Building at face value. Funds backing EURR are safeguarded in segregated accounts at regulated banks or may be invested in eligible, highly liquid euro-denominated instruments.
Bridge’s live reserve page shows just 374 EURR in circulation and 374 euros of reserve assets at the time of publication, all held as cash deposits. The token has separate smart contracts on Ethereum and Polygon.
The launch completes a project that had been under development for almost two years. Back in 2024, Revolut was already said to be working on its own stablecoin.
Revolut reached a $115 billion valuation in an employee share sale last month.