Revolut announces roll-out of euro-backed stablecoin

The fintech company Revolut has announced the launch of its first stablecoin, a euro-backed token named EURR. The stablecoin, a product of the Bridge platform acquired by Stripe in 2024, will be rolled out in phases starting from 26 August. Initially, EURR will be available to a select group of customers in Denmark, Poland, and Portugal, with a broader launch across the European Economic Area expected later in the year, contingent on product, operational, and regulatory readiness.

The stablecoin is designed to maintain a value of €1 and is backed by reserves managed by Bridge. Revolut asserts that EURR will provide eligible customers with a "euro-denominated, on-chain rail" to transfer between euros and crypto, marking a significant step in the company's mission to bridge fiat and cryptocurrency. Iman Olya, product owner of stablecoin at Revolut, emphasized that EURR eliminates the inconvenience of moving between on-chain and off-chain currencies, thus acting as a seamless and instantaneous bridge between fiat and crypto.

Revolut's move underscores the growing interest in euro-backed stablecoins, as European authorities push for such currencies to compete with the dominant US dollar in the global stablecoin market. Christine Lagarde, president of the European Central Bank, highlighted the necessity of euro-denominated stablecoins for Europe to maintain its monetary sovereignty and counter the potential shift towards digital dollarization.

Earlier this year, Irish banks AIB and Bank of Ireland joined a consortium called Qivalis to develop a euro-denominated stablecoin, furthering Europe's efforts to establish its financial infrastructure and challenge the dominance of US-backed stablecoins. Despite stablecoins gaining wider acceptance in the financial sector, recent statistics from DefiLlama indicate a leveling off in the combined market value of stablecoins in 2026, while Visa data shows a decline in cryptocurrency usage this year.