Revolut Has Launched the Euro-backed Stablecoin EURR

• Neobank Revolut has launched a euro-denominated stablecoin for a limited group of customers.
• The issuer is a Stripe subsidiary.
• The asset is fully compliant with MiCA.
• In the future, Revolut plans to launch other stablecoins as well.

Neobank Revolut has introduced EURR, its first stablecoin denominated in euros. The asset is fully compliant with the Markets in Crypto-Assets (MiCA) regulation.

Specifically, EURR is registered as an electronic money token (EMT) pegged to the euro at a 1:1 rate. The issuer is Bridge Building S.A., a Stripe subsidiary that has obtained a license from Luxembourg’s Commission de Surveillance du Secteur Financier (CSSF). 

The new product will be offered by Revolut Digital Assets Europe Ltd, a virtual asset service provider under the supervision of Cyprus’ regulator (CySEC).

In its release, Revolut emphasized that EURR is designed to provide access to onchain infrastructure by simplifying transfers between euros, cryptocurrencies, external wallets, and supported blockchain networks.

At the initial stage, access to the stablecoin will be granted to a limited set of customers in Denmark, Portugal, and Poland. The date of a full-scale launch has not been specified.

According to the official website, as of the time of writing, 374 EURR are in circulation. At the same time, 100% of the reserves are held in cash and/or cash equivalents. 

According to DeFiLlama, the total market capitalization of euro-based stablecoins stands at $771.93 million. Most of it is concentrated in a single asset — Circle’s EURC. Its share exceeds 59%. 

Earlier, we reported that Revolut plans to go public with a valuation of $115 billion.  

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