Revolut just launched its Euro-backed Stablecoin

@Revolut has entered the stablecoin market with the launch of $EURR, a euro-backed digital token that the London-headquartered neobank says is the first step in a broader push to embed crypto-native settlement into its retail banking platform.

A Phased Rollout Across Three Markets

Revolut has begun a phased rollout of $EURR to eligible customers in Denmark, Poland, and Portugal, with wider availability in other EEA markets expected later this year. The token is issued by Stripe-owned Bridge, is fully integrated into Revolut's retail app, and is designed to maintain a value of €1.00, backed by reserves held and managed by Bridge.

Revolut counts more than 80 million retail customers worldwide and over 16 million crypto users. The company says $EURR removes friction when moving value between fiat and blockchain rails. Revolut has described $EURR as the first stage of a broader stablecoin strategy that could eventually cover additional currencies, with the token intended to make stablecoins useful within its ecosystem for cross-border transfers and business transactions, rather than primarily for cryptocurrency trading.

Regulatory Context and the MiCA Opportunity

Revolut is entering a market where Circle's EURC has been the only authorised euro token under MiCA, a situation that European regulation spent two years inadvertently consolidating around a single American issuer. The euro stablecoin market remains under $1 billion, even after MiCA forced unlicensed tokens off regulated platforms.

MiCA requires major stablecoin issuers to hold at least 60% of reserves in EU bank deposits. Tether declined authorisation because its model depends on US Treasuries, leaving Circle as the primary holder of e-money token authorisation in the European regulator's register. That gap is one Revolut is now moving to fill.

Revolut has been assembling the necessary licences for approximately 18 months. It holds a full UK banking licence, an EU banking licence, a MiCA authorisation obtained through Cyprus, and has a US bank charter application pending. $EURR's white paper sets no maximum supply, with issuance dependent on demand from EEA customers, and Bridge required to hold one euro or an equivalent amount of euro-denominated assets for each circulating token.

For Revolut, success will depend on adoption beyond the initial markets and whether customers find a practical reason to use an on-chain euro instead of conventional bank transfers. For the wider market, the larger question is whether euro-backed tokens can loosen the dominance of dollar stablecoins as blockchain payments move closer to traditional finance.

Sources:
Finextra: Revolut rolls out euro stablecoin
Finance Magnates: Revolut Launches Euro Stablecoin With Only EUR 374 in Circulation
The Next Web: Revolut is launching a euro stablecoin into a market MiCA handed to an American company