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Key Takeaways
- EURR is legally issued by Bridge, a Stripe-owned firm regulated in Luxembourg, and is structured to comply with the EU’s MiCA regulation, with each token redeemable for one euro
- The token had just 374 tokens in circulation at launch, reflecting an early testing phase rather than a full European rollout
- Euro-pegged stablecoins account for less than $800 million of the roughly $300 billion global stablecoin market, and Revolut’s 16 million crypto-using customers could give EURR a distribution edge
Revolut has begun rolling out a euro-backed stablecoin called EURR to a select group of customers in Denmark, Poland and Portugal, the fintech company said in an emailed announcement Wednesday. The token will eventually be integrated more broadly into Revolut’s retail app, which the company says has more than 80 million users.
Token Is Legally Issued by Stripe-Owned Bridge, Not Revolut Itself
Despite carrying the Revolut brand, EURR is legally issued by Bridge, a stablecoin infrastructure firm owned by Stripe. Bridge is authorized as an electronic money institution and supervised by Luxembourg’s financial markets regulator, and the token is structured to comply with the European Union’s Markets in Crypto-Assets Regulation.
Each EURR token is redeemable against Bridge at face value of one euro. The company said funds backing the stablecoin are held in segregated accounts at regulated banks or invested in eligible, highly liquid euro-denominated instruments.
Bridge’s public reserve dashboard showed 374 EURR tokens in circulation and 374 euros in reserve assets, held entirely as cash deposits, at the time of publication. The token operates on separate smart contracts on both Ethereum and Polygon.
Rollout Follows Nearly Two Years of Development
Revolut had reportedly been working on its own stablecoin as early as 2024, according to earlier commentary from people familiar with the project. Wednesday’s limited rollout completes a development process that stretched close to two years before reaching even a small group of customers.
The initial rollout to customers in three countries represents an early testing phase rather than a full-scale European launch. Revolut has not disclosed a timeline for expanding EURR access to its broader customer base.
Distribution Reach Could Outpace Existing Euro Stablecoins
Revolut said more than 16 million of its customers already use cryptocurrency, giving the company a built-in base of crypto-familiar users to draw on as it expands EURR’s availability.
That reach, if EURR scales beyond its current limited rollout, would give the token a potential distribution advantage that crypto-native euro stablecoins have lacked, since most current holders access those tokens through crypto exchanges or wallets rather than a mainstream banking app.
The euro-denominated stablecoin sector remains small relative to the overall stablecoin market. The global stablecoin market is worth more than $300 billion, while euro-pegged stablecoins account for less than $800 million of that total, according to data from DeFiLlama.
EURR shares its ticker symbol with an existing euro-backed stablecoin issued by Stablr, which currently has a market capitalization of approximately $6.4 million. The overlapping ticker could create confusion for users and platforms tracking the two separate tokens.
What Scale Would Require
EURR’s current circulation of a few hundred tokens reflects the earliest stage of a limited pilot, not a measure of the stablecoin’s eventual reach.
Whether the token gains meaningful adoption will depend on how quickly Revolut expands the rollout beyond Denmark, Poland and Portugal and how the company integrates EURR into everyday functions within its app, such as payments, transfers or savings products.
Revolut reached a $115 billion valuation last month through an employee share sale, underscoring the scale of the platform EURR is being built into, even as the stablecoin itself remains in an early testing phase.
