Revolut Deploys Euro Stablecoin EURR in Three EEA Markets, Challenging Circle's Regulated Dominance
Revolut Deploys Euro Stablecoin EURR in Three EEA Markets, Challenging Circle’s Regulated Dominance #
Revolut has entered the stablecoin market with EURR, its first euro-backed digital token, beginning a phased rollout to eligible customers in Denmark, Poland, and Portugal. A broader launch across the European Economic Area is targeted for later this year.
EURR is issued by Bridge Building S.A., the Luxembourg-registered arm of Bridge, a Stripe subsidiary. The token is pegged one-to-one to the euro, with Bridge contractually required to hold one euro, or an equivalent euro-denominated asset, for each token in circulation. Luxembourg’s Commission de Surveillance du Secteur Financier regulates Bridge as both an electronic money institution and a crypto-asset service provider under the EU’s Markets in Crypto-Assets framework. That regulatory structure underpins EURR.
The token integrates directly into the Revolut retail app and gives eligible users a euro-denominated on-chain asset to move between fiat money and the crypto ecosystem. It will also be compatible with multiple external blockchain networks and third-party wallets, the company said. Revolut described the launch as the first leg of a broader stablecoin programme, with additional currency-denominated tokens in development through separate regulatory pathways.
Emil Urmanshin, Revolut’s head of crypto and new bets, said the launch connects the neobank’s more than 80 million retail customers directly to on-chain finance, arguing that its combination of licensed banking infrastructure and global user base gives it a structural advantage over both traditional banks and crypto-native operators. The company reported 16 million crypto users in its 2025 annual report and has previously offered fee-free conversions and trading in approximately 300 crypto assets.
While the phased customer rollout was formally announced on August 26, regulatory documents and Bridge’s own reserve dashboard indicate EURR went live on August 20, with only 374 tokens (and €374 in backing reserves) in early circulation. The figures reflect the deliberately cautious pace of the rollout.
MiCA requires major stablecoin issuers to hold at least 60% of reserves in EU bank deposits. That rule was designed to anchor euro stablecoins within Europe, but Tether’s decision to forgo MiCA authorisation left Circle’s EURC as the primary compliant option, with more than €403 million in circulation at the time of EURR’s launch. Revolut secured MiCA authorisation through Cyprus and also holds an EU banking licence, which it says allows it to keep reserve management on its own balance sheet rather than outsourcing it, an advantage it claims traditional crypto issuers cannot match.
Revolut is also one of four firms chosen by the UK Financial Conduct Authority for its stablecoin regulatory sandbox, where it is separately developing a sterling-backed token, and is among 36 firms participating in the European Central Bank’s ongoing digital euro pilot.
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