Revolut Launches Euro-Pegged Stablecoin EURR with Initial Market Cap of $290,000

Revolut has officially launched its first euro-pegged stablecoin, EURR, which is currently available on the Ethereum and Polygon networks. The stablecoin has a market capitalization of approximately $290,000, with around 250,961 tokens in circulation. Over the past 30 days, EURR has seen transfer volumes of about $585,800, indicating initial user engagement with the new digital asset.

The rollout of EURR began on August 20, targeting select customers in Denmark, Poland, and Portugal, with plans for a broader expansion across the European Economic Area later this year. The stablecoin is fully collateralized by euro cash reserves held in segregated accounts, ensuring a 1:1 peg to the euro. The issuer, Bridge Building S.A., is a Luxembourg-regulated entity that operates under the EU's Markets in Crypto-Assets regulatory framework.

Revolut's decision to launch EURR coincides with its strategy to phase out Tether's USDT in the EEA and Switzerland by August 31, due to compliance issues. While EURR is currently small compared to leading euro stablecoins like Circle's EURC, which has a market cap of approximately €394 million, Revolut's existing user base of over 16 million crypto transaction participants may provide a foundation for future growth.

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Source: KLEA News