Stripe Helps Revolut Issue a Euro Stablecoin
On August 26th, Revolut announced the rollout of EURR, a new euro-pegged stablecoin, to select users in Denmark, Poland, and Portugal, with plans to expand across the European Economic Area. The stablecoin, issued 1:1 against the euro on Ethereum and Polygon, is not issued by Revolut itself. Instead, it is issued by Bridge Building S.A., a Stripe-owned, Luxembourg-based electronic money institution licensed under the MiCA framework. This structure positions Revolut as the distribution channel for its over 80 million users, while Stripe/Bridge provides the compliant issuance infrastructure and reserve management.
EURR's launch is essentially a cold start, with a circulating supply of only 374 tokens. It enters a euro stablecoin market dominated by Circle's EURC and Société Générale's EURCV, which itself is a tiny fraction of the massive dollar stablecoin market led by USDT and USDC. EURR's primary advantage is Revolut's vast user base, aiming to onboard retail banking customers to on-chain finance. However, its utility for the average Revolut user, who already enjoys fast euro transfers, remains tied to specific crypto-native use cases like DeFi.
The launch coincides with Revolut's MiCA-driven phasing out of USDT for European users, positioning EURR as a compliant replacement. More broadly, the partnership highlights Stripe's strategy through its Bridge acquisition: building a "stablecoin-as-a-service" or "issuance-as-a-service" platform. Stripe aims to provide the compliant backend infrastructure—issuance, reserves, redemption—allowing other companies like Revolut to launch branded stablecoins easily, potentially reshaping the industry's competitive landscape from direct token competition to infrastructure services.
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