Revolut Launches Euro-Pegged Stablecoin EURR in Denmark, Poland, and Portugal

Revolut has begun rolling out its first stablecoin, a euro-pegged token called EURR, to selected customers in Denmark, Poland and Portugal.

In an announcement shared with Cointelegraph on Wednesday, the company said that the phased rollout will expand to other European Economic Area (EEA) markets later this year, subject to product, operational and regulatory readiness.

EURR is issued by Bridge Building S.A., the Luxembourg-based entity of Stripe-owned stablecoin infrastructure company Bridge. Revolut said EURR will be integrated into its retail app, with plans to support multiple blockchain networks and transfers to external wallets.

The launch adds a Markets in Crypto-Assets (MiCA)-compliant stablecoin to Revolut as it withdraws Tether’s USDt from the EEA and Switzerland. Revolut previously said remaining USDT balances would be converted into customers’ base currencies after Aug. 31.

“Denmark, Poland, and Portugal were selected for their market size, where approximately 2 million customers will be involved in the initial rollout,” a Revolut spokesperson told Cointelegraph.

EURR launches on Ethereum first

EURR will initially launch on Ethereum as part of the phased rollout. “External wallet transfers will be available immediately for select customers and more broadly as liquidity builds,” the spokesperson said. Revolut’s standard crypto trading and remittance limits will apply, while fiat transactions will carry no fees or spreads.

EURR is designed to maintain a value of one euro and is backed by reserves held and managed by Bridge in accordance with the European Union’s MiCA rules. Revolut Digital Assets Europe is offering the token.

Revolut said EURR is the first step in a broader stablecoin strategy and that it is developing tokens denominated in other currencies through separate regulatory pathways. The company did not identify which currencies it is pursuing.