Revolut has begun phasing in the euro stablecoin EURR to select European users. This marks the first tangible product from its stablecoin initiative, initially available in three European Economic Area markets: Denmark, Poland, and Portugal.
Initially covering users from three countries
According to the company’s announcement, EURR is pegged to the euro, aiming to maintain a 1:1 ratio with one euro per token, and has been integrated into the Revolut retail app. Users can convert euros to and from on-chain crypto assets directly within the app.
Revolut stated that EURR will operate on multiple blockchains and support interactions with external wallets. The company also said it plans to expand this product to additional European Economic Area markets.
The issuer is responsible for reserve management.
EURR is issued by Bridge Building S.A., a Luxembourg-based entity holding licenses as a crypto-asset service provider and electronic money institution from the local regulator, CSSF.
Reports indicate that Bridge Building S.A. is affiliated with Bridge, a stablecoin infrastructure company acquired by Stripe. Bridge is responsible for holding and managing reserves, while Revolut distributes through a subsidiary regulated in Cyprus and licensed under MiCA.
- The initial pilot markets are Denmark, Poland, and Portugal.
- The issuer is responsible for reserve management, and Revolut is responsible for distribution.
- Plans this year include expanding into additional European Economic Area markets.
The European Central Bank remains cautious.
As euro stablecoins advance, the European Central Bank remains cautious about this direction. In May, ECB President Lagarde stated that stablecoins are not an effective way to strengthen the euro's international standing.
She highlighted two main risks: the potential for concentrated redemption pressure on private liability instruments, and the possible weakening of policy rate transmission following bank deposit outflows. According to the data in the text, approximately 98% of the $317 billion stablecoin market at the time was denominated in U.S. dollars.
More cryptocurrencies are still in preparation.
Revolut stated that stablecoins in other currencies are also planned for launch this year, subject to regulatory readiness. The company said these products will advance through different regulatory pathways.
Additional information: The report notes that Brussels is preparing to revise MiCA in 2027 to cover offshore issuers; Revolut also obtained a UK banking license this year and is participating in the Bank of England’s work on pound-stablecoins for digital securities.