Revolut Launches EURR Stablecoin via Stripe's Bridge Infrastructure

Article by Xiao Bing

On August 26, Revolut announced the launch of EURR, a stablecoin pegged 1:1 to the euro, for select users in Denmark, Poland, and Portugal, deployed on Ethereum and Polygon, with additional EEA markets planned for rollout later this year.

The issuer of EURR is not Revolut itself, but Bridge Building S.A., a Luxembourg-registered electronic money institution. Bridge’s parent company is Stripe, which acquired this stablecoin infrastructure firm for $1.1 billion in February 2025. Bridge Building holds both a CASP and EMI license under Luxembourg’s MiCA framework, regulated by the local financial authority, CSSF. Revolut Digital Assets Europe (licensed under MiCA by CySEC, Cyprus) is responsible for distribution and listing.

Think of it this way: Revolut brings the brand and users, while Bridge/Stripe provides the issuance capability, reserve management, and compliance framework. Instead of building its own stablecoin issuance system, Revolut integrates with Stripe’s infrastructure.

Revolut has launched a euro stablecoin, signaling that Stripe is evolving into an "Issuance-as-a-Service" platform for the stablecoin industry.

The Bridge reserve page shows that, as of launch, the circulating supply of EURR was 374 tokens, with reserve assets consisting of 374 euros in cash deposits.

You read that correctly—this number is not a typo; it accurately reflects the current real-state of EURR: a newly minted token with almost no on-chain presence.

Compare the competitive landscape.

Circle’s EURC currently has a circulating supply of approximately €403 million, accounting for about 41% of the euro stablecoin market, up from 17% over the past year. EURCV, backed by Société Générale, stands at approximately €137 million, ranking second. The overall euro stablecoin market size ranges between $674 million and $783 million, with eight MiCA-compliant euro tokens experiencing a 128% increase over the past year.

Even with rapid growth, euro-backed stablecoins remain negligible in the global stablecoin market. USDT and USDC together exceed $300 billion, while euro-denominated tokens account for less than 0.4%. The dominance of dollar-backed stablecoins in on-chain settlements, DeFi collateralization, and cross-border remittances remains virtually unchallenged.

EURR must find its place within this framework, as on-chain liquidity depth cannot be relied upon at all—it can only depend on Revolut’s distribution channels.

Revolut has over 80 million retail users across more than 40 markets, with over 16 million already using Revolut’s crypto services.

EURR has been integrated into Revolut’s retail app since day one, allowing users to buy and hold EURR directly within the app, as well as transfer it to external self-custody wallets or perform cross-chain operations.

This distribution scale has no competitor in the euro stablecoin segment.

Circle’s EURC primarily circulates through crypto-native channels (exchanges, DeFi protocols), reaching users already within the crypto ecosystem. Revolut’s EURR targets bank app users who may have never interacted with on-chain assets.

Emil Urmanshin, Head of Crypto at Revolut, said that EURR aims to connect the company’s 80 million users to on-chain finance—but how many of these users truly need an on-chain euro token?

What does EURR mean to an ordinary user in Denmark who uses Revolut to pay utility bills, transfer money, and exchange currencies?

Revolut already offers instant euro transfers and extremely low-cost currency exchange—features that do not require blockchain. The incremental value of EURR only becomes apparent in specific scenarios: transferring assets to on-chain DeFi protocols, participating in on-chain transactions denominated in euros, or using euro value outside the Revolut ecosystem in other wallets and protocols.

Transforming potential into actual on-chain circulation requires not only distribution capability but also use cases.

When Stripe acquired Bridge for $1.1 billion in February 2025, the market interpreted it as Stripe entering the crypto payments space. Over a year and a half later, Bridge’s role is much broader than “crypto payments”—it is evolving into a white-label stablecoin issuance platform.

Bridge Building S.A. has obtained a MiCA license in Luxembourg, granting it regulatory eligibility to issue electronic money tokens across the entire EEA. Its services for EURR include token issuance, reserve management (segregated accounts plus highly liquid euro-denominated assets), redemption assurance (holders can redeem at par value from Bridge Building), and reserve transparency reporting.

Stripe is building Bridge to be a "stablecoin backend," much like Stripe itself serves as the backend for payments: diverse frontend brands, but a single unified backend infrastructure.

If successful, this model could have a greater impact on the stablecoin industry landscape than the issuance of any single token.

Stablecoin issuance is currently a capital- and compliance-intensive business requiring bank accounts, reserve management, auditing, multi-jurisdictional licenses, and on-chain smart contract development and maintenance. Bridge/Stripe bundles all of these into a callable service layer, significantly lowering the barrier to entry.

Timing is no coincidence.

On July 6, Revolut suspended the ability for EEA and Swiss users to purchase USDT, with August 31 as the deadline for liquidating existing holdings. This is a direct result of MiCA compliance: Tether’s USDT has not yet received authorization as an electronic money token under the MiCA framework, leaving its regulatory status in Europe unresolved.

Revolut's launch of EURR five days before the USDT wind-down window was a precise product substitution.

Revolut is betting that MiCA regulation, by driving USDT out of Europe, will create a demand gap for euro-denominated stablecoins—and that Revolut’s app distribution capabilities will allow EURR to fill this gap faster than any crypto-native competitor.

For Stripe, he envisions stablecoin issuance becoming an infrastructure-level business, much like online payments—every fintech company, every bank, and every payment platform may need its own stablecoin, just as they all need payment processing capabilities. Bridge is that backend.

If this model succeeds, the competitive focus in the stablecoin industry will shift from "who can issue the largest coin" to "who can integrate with the most frontend brands." Stripe’s $1.1 billion acquisition of Bridge may be buying exactly this position.