UK fintech giant Revolut has launched EURR, a euro-pegged stablecoin, making it available to selected customers in Denmark, Poland and Portugal, the company announced on Thursday.
The stablecoin is backed one to one by euro reserves held by Bridge Regulatory, a Luxembourg-based subsidiary of payments company Stripe. Each EURR token represents one euro in reserve assets.
The launch marks Revolut’s first foray into stablecoin issuance, positioning the digital banking platform alongside established players in the European stablecoin market. The company, which serves more than 45 million customers globally, has not disclosed when EURR will be rolled out to its broader user base or expanded to additional markets.
Stripe Partnership for Reserve Management
Revolut’s decision to partner with Bridge Regulatory places the responsibility for reserve custody and management with a regulated entity within Stripe’s corporate structure. Bridge Regulatory operates under Luxembourg financial services law.
The arrangement follows a pattern in the stablecoin industry where issuers partner with licensed financial institutions to hold backing assets and provide transparency around reserves. Stripe acquired Bridge, a stablecoin payment infrastructure company, in October 2024 for a reported $1.1 billion.
Neither Revolut nor Stripe immediately disclosed the composition of the reserve assets backing EURR, though euro-backed stablecoins typically hold a combination of cash deposits and short-term government securities.
Growing European Stablecoin Market
The EURR launch comes as European regulators prepare to implement the Markets in Crypto-Assets (MiCA) regulation, which sets comprehensive rules for stablecoin issuers operating in the European Union. MiCA’s stablecoin provisions took effect on June 30, 2024.
Under MiCA, stablecoin issuers must obtain e-money licenses and maintain liquid reserves equivalent to the value of tokens in circulation. The regulation also imposes requirements around transparency, investor protection and operational resilience.
Revolut holds a banking license in Lithuania and an e-money license in the UK, though it remains unclear which regulatory framework will govern EURR issuance. The company has not confirmed whether it plans to seek additional authorizations under MiCA.
The European stablecoin market remains significantly smaller than its US counterpart, where USDC and USDT dominate with combined market capitalizations exceeding $150 billion. Euro-pegged stablecoins collectively represent less than 1% of the global stablecoin supply.
Revolut’s Crypto Expansion
Revolut has steadily expanded its cryptocurrency offerings since launching crypto trading in 2017. The platform currently supports trading in more than 100 cryptocurrencies and offers crypto cashback rewards in select markets.
The company reported trading volumes of $28 billion across its crypto platform in the first half of 2024, representing a 133% increase year on year. Revolut does not break out revenue from crypto services separately in its financial disclosures.
The stablecoin launch follows Revolut’s receipt of a UK banking license in July 2024, ending a three-year application process. The license allows Revolut to offer deposit protection and lending products to UK customers under direct Bank of England supervision.
Revolut has not announced plans to launch a US dollar-pegged stablecoin or expand EURR beyond Europe.