Neobank Revolut has started rolling out a euro-backed stablecoin to a selected group of customers in Denmark, Poland and Portugal, the fintech said in an announcement on Wednesday, in the first concrete product from a stablecoin plan it announced more than a year ago.
The token, EURR, is designed to hold a value of €1 and is integrated into Revolut’s retail app, giving customers a way to move between euros and crypto on-chain
It will run on several blockchains and work with external wallets, and Revolut said a wider EEA rollout and other currency-denominated tokens are expected later this year, subject to regulatory readiness. EURR is issued by Bridge Building S.A., a Luxembourg entity licensed by the CSSF as both a crypto asset service provider and an electronic money institution, and owned by Bridge, the stablecoin infrastructure firm Stripe agreed to buy for $1.1 billion in October 2024, in a deal that closed the following February. Bridge holds and manages the reserves.
Revolut’s role is distribution, through a Cyprus-regulated subsidiary licensed under MiCA. Emil Urmanshin, Revolut’s head of crypto and new bets, said the token connected the company’s 80 million customers to on-chain finance and unlocked “real-world stablecoin utility that no traditional bank or crypto native can match.” The ECB and stablecoins Euro stablecoins arrive with the European Central Bank unconvinced. In May, its president Christine Lagarde said that they were “not an efficient way” to strengthen the euro’s international role, warned of “structural weaknesses as a foundation for settlement” and flagged two material risks: sudden redemption pressure on private liabilities, and weaker transmission of policy rates if deposits migrate out of banks.