Revolut has begun a phased rollout of its first stablecoin—the euro-pegged EURR token—to select clients in Denmark, Poland, and Portugal.
In a statement shared with Cointelegraph on Wednesday, the company stated that the phased launch will expand to other markets in the European Economic Area (EEA) later this year. This will proceed when the product, operational, and regulatory infrastructure are ready.
EURR is issued by Bridge Building S.A., a Luxembourg-registered entity of Stripe-owned company Bridge, which specializes in stablecoin infrastructure. Revolut said EURR will be integrated into its retail app, operate across multiple blockchain networks, and be transferable to external wallets.
The launch introduces a Markets in Crypto-Assets Regulation (MiCA)-compliant stablecoin to Revolut, coinciding with Tether's USDT withdrawal from the EEA and Switzerland. Revolut previously announced that remaining USDT balances will be converted into clients' base currencies after August 31.
EURR is designed to maintain a value pegged to €1. Reserves backing the token are held and managed by Bridge in compliance with EU MiCA requirements. EURR is accessible via Revolut Digital Assets Europe.
Revolut indicated that EURR is the first step in a broader stablecoin strategy. The company is developing tokens denominated in other currencies through separate regulatory processes. Revolut did not specify which currencies are under consideration.
Related: Revolut Receives Preliminary Approval from UAE Authorities to Offer Cryptocurrency Services
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