A new digital coin for European wallets is backed by one of the continent’s biggest banking apps – Revolut.
Revolut, the fintech app used by more than 80 million people across over 40 countries, has begun rolling out its first stablecoin called EURR. The rollout started this week for eligible customers in Denmark, Poland, and Portugal, with wider access across Europe planned later this year.
Stablecoin is a type of digital currency designed to hold a steady value similar to one unit of a peg fiat. Most stablecoins are tied to the US dollar. EURR is different. It’s designed to always be worth €1, giving European users a euro-based option instead of relying on dollar-linked tokens. This means someone using EURR in Europe can move money on blockchain networks without also taking on the risk of dollar exchange-rate swings.
EURR is issued by Bridge, a stablecoin infrastructure company owned by the payments giant Stripe. Bridge is responsible for holding euro reserves to back each EURR token in circulation, under rules set by the European Union’s Markets in Crypto-Assets regulation, known as MiCA. This regulation requires companies issuing stablecoins in Europe to hold real money reserves and follow strict oversight, which is meant to protect users if the coin issuer runs into financial trouble. Revolut’s crypto arm, which offers the coin to customers, is separately licensed by Cyprus’s financial regulator.
Once available, EURR can be used across Revolut’s crypto services and, eventually, external crypto wallets. At launch it runs on the Ethereum blockchain, a widely used network for digital assets, with support for more networks expected over time.
Revolut has said EURR is only the beginning of a broader plan. The company intends to eventually offer stablecoins in other currencies as well, expanding beyond the euro.
The launch places Revolut among a growing list of financial and payments companies experimenting with stablecoins, including Stripe, Klarna, and Visa. Despite involment of major institutional players, cryptocurrencies, including stablecoins, remain unprotected by standard investor compensation schemes. Thus, users considering EURR should review Bridge’s official white paper and redemption terms before using the token.
