Revolut launches its own euro-backed stablecoin
Revolut is joining the stablecoin race. The neobank has started the gradual launch of its first stablecoin linked to the euro and called EURR, as it reported yesterday in a statement. It will be issued by Bridge (a subsidiary of Stripe) and will be fully integrated into the Revolut app for individuals.
Revolut has entered the stablecoin race, launching its first euro-backed digital currency called EURR, according to a recent announcement. The new stablecoin is issued by Bridge, a Stripe subsidiary, and will be integrated directly into Revolut's personal finance app. Initially available to select eligible clients in Denmark, Poland, and Portugal, the EURR aims to bridge the gap between traditional money and cryptocurrencies.
The fintech company intends to expand its presence across the European economic landscape and introduce alternatives in other currencies, depending on the product's maturity and operational viability. Emil Urmanshin, Revolut's Director of Crypto and New Bets, emphasized that EURR offers a real utility for stablecoins, which no other traditional bank or crypto-native platform can match.
As digital assets increasingly converge with traditional finance, Revolut believes stablecoins have the potential to serve broader use cases, such as international transfers, commercial payments, or liquidating crypto operations. The Revolut euro-backed stablecoin is designed to maintain a value of one euro and is backed by reserves held and managed by the issuer, in compliance with MiCA regulations.
The European push for payment autonomy is gaining momentum, with several entities recognizing the relevance of euro-pegged stablecoins in achieving independence from the United States. Spain's Banco de España is among the entities exploring the creation of its own stablecoin in the coming months. While Société Générale launched EURCV in 2023, Santander, together with nine other global banks, is exploring blockchain-based assets linked to G7 currencies.
The stablecoin market has surpassed $300 billion in capitalization, according to Binance data, with a clear American dominance.
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