Revolut launches euro-backed stablecoin across three EU countries
Bridge-developed EURR stablecoin launches with multi-blockchain compatibility and external wallet integration, targeting broader European Economic Area expansion within the year.
The fintech giant Revolut has initiated the launch of EURR, its inaugural stablecoin pegged to the euro, making it available to a select group of users across Denmark, Poland and Portugal.
According to a statement provided to Cointelegraph on Wednesday, the financial technology firm confirmed that this gradual deployment will extend to additional European Economic Area (EEA) nations throughout the remainder of this year, contingent upon meeting product development, operational capabilities and regulatory compliance requirements.
Bridge Building S.A., the Luxembourg-domiciled arm of the Stripe-acquired stablecoin infrastructure provider Bridge, serves as the issuer of EURR. According to Revolut, the EURR token will be incorporated into its consumer-facing application, made compatible with various blockchain platforms and enabled for transfers to third-party wallet services.
This introduction provides Revolut with a Markets in Crypto-Assets (MiCA)-regulated stablecoin option as the platform phases out Tether's USDt from the EEA region and Switzerland. The company had announced earlier that any outstanding USDT holdings would be automatically converted to customers' primary fiat currencies following Aug. 31.
The EURR token has been engineered to preserve a one-to-one parity with the euro and is supported by reserve assets that Bridge holds and administers in full compliance with the European Union's MiCA regulatory framework. The token is being made available through Revolut Digital Assets Europe.
According to Revolut, the EURR rollout represents the initial phase of an extensive stablecoin roadmap, with the company actively working on developing additional tokens backed by different fiat currencies via alternative regulatory approval processes. However, the organization has not disclosed which specific currencies are currently under consideration for future development.