Revolut launches Euro-pegged stablecoin EURR

By: Aninda Chakraborty Source: Electronic Payments International Reading Time: 2 min

Revolut has launched a Euro-pegged stablecoin, joining a growing number of payment firms and banks expanding their digital currency offerings for payments and transfers.

The stablecoin, named EURR, is designed to maintain a stable value of €1.00. The token can be used across supported crypto services, external wallets, and supported blockchain networks.

The e-money token (EMT) is issued by Bridge Building, a MiCA-registered crypto-asset service provider (CASP) owned by Stripe's stablecoin infrastructure subsidiary. It will be offered through Revolut Digital Assets Europe.

Phased Rollout

In a LinkedIn post, the UK fintech confirmed that a phased rollout of EURR would begin this month. The token will initially be available to eligible customers in:

• Denmark
• Poland
• Portugal

"Unlike most stablecoins, which are pegged to the US dollar, EURR gives eligible customers a euro-based alternative without taking on US dollar exposure," Revolut stated.

Expansion Plans

Revolut plans to extend EURR to customers in other European Economic Area (EEA) markets later this year, according to a Bloomberg report. The stablecoin will be integrated into the Revolut app, allowing users to move seamlessly between euros and crypto on-chain.

Market Context

According to the company, the Revolut app is used by more than 80 million customers for services including payments and crypto, across more than 40 markets.

Revolut is entering a segment where multiple payment companies and banks have announced stablecoin initiatives, including:

• Visa
• Klarna Group

Western Union has also introduced a US dollar-denominated payment stablecoin called USDPT this year.

This article was originally created and published by Electronic Payments International, a GlobalData owned brand.