Revolut rolls out euro stablecoin in 3 European markets
Reported by Cointelegraph · AI-assisted summary by ChikoCorp AI News Desk
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Summary
Revolut has started a phased rollout of its euro-pegged stablecoin, EURR, to selected customers in Denmark, Poland, and Portugal. The token, issued by Bridge Building S.A., will be integrated into Revolut’s retail app with plans to support multiple blockchains and external wallet transfers. This launch replaces Revolut’s previous use of Tether’s USDT in the European Economic Area and Switzerland.
Why it matters
This development introduces a stablecoin compliant with the EU’s Markets in Crypto-Assets (MiCA) regulations, reflecting Revolut’s shift away from USDT and increasing regulatory alignment. It may affect around 2 million Revolut customers initially and signals broader ambitions in stablecoin offerings, though the source does not explicitly discuss market or user impact beyond this.
Key context
EURR is backed by reserves managed by Bridge, a Stripe-owned stablecoin infrastructure provider based in Luxembourg. The rollout begins on the Ethereum network with external transfers enabled for select users as liquidity grows. Previously, Revolut relied on Tether’s USDT for euro transactions but plans to convert remaining USDT balances into base currencies after August 31.
Key numbers and entities
Revolut, Bridge Building S.A., Stripe, and the European Economic Area (EEA) markets Denmark, Poland, and Portugal are involved. The initial rollout targets approximately 2 million customers. EURR is designed to maintain parity with one euro and complies with MiCA regulations.
What remains unclear
The source does not specify the timeline for EURR expansion beyond the initial countries or the details of the other stablecoins Revolut plans to develop. It also does not detail how the liquidity build-out will progress or how regulatory reviews might affect the broader rollout.