Revolut launches euro-pegged EURR stablecoin

Revolut has started rolling out EURR, a euro-backed stablecoin designed to hold a value of €1, to selected customers in Denmark, Poland and Portugal. EURR is integrated into Revolut's retail app for transfers between euros and crypto on-chain. The token will operate on several blockchains. The token will also work with external wallets. Revolut said wider EEA availability and stablecoins denominated in other currencies are expected later this year, subject to regulatory readiness. EURR is the first concrete product from a stablecoin plan Revolut announced more than a year ago. Bridge Building S.A. issues EURR. The Luxembourg entity is licensed by the CSSF as a crypto asset service provider and an electronic money institution. Bridge holds and manages the reserves. Bridge owns Bridge, the stablecoin infrastructure firm that Stripe agreed to buy for $1.1 billion in October 2024. The deal closed the following February. Revolut distributes EURR through a Cyprus-regulated subsidiary licensed under MiCA. Revolut's head of crypto and new bets, Emil Urmanshin, said EURR connects the company's 80 million customers to on-chain finance. Urmanshin also said the token provides stablecoin uses that traditional banks and crypto companies cannot match. In May, ECB President Christine Lagarde said stablecoins were not an efficient way to strengthen the euro's international role. Lagarde warned that stablecoins had structural weaknesses as a settlement foundation. She identified sudden redemption pressure on private liabilities as a risk. She also identified weaker transmission of policy rates if deposits move out of banks as a risk. About 98% of the $317 billion stablecoin market was dollar-denominated at that time. Brussels is preparing to revise MiCA in 2027 to cover foreign issuers. Revolut confirmed plans for its own stablecoin in mid-2025. Revolut secured a UK banking license this year. Revolut was also among the firms selected for the Bank of England's digital securities work on sterling stablecoins. Revolut said it is developing further tokens through separate regulatory pathways.