Revolut initiated a rollout of EURR, a euro-backed stablecoin designed to maintain a value of €1, to customers in Denmark, Poland and Portugal. The token is integrated into Revolut’s retail app and enables customers to transfer between euros and cryptocurrency on-chain. The stablecoin will operate across multiple blockchains and maintain compatibility with external wallets.
The token is issued by Bridge Building S.A., a Luxembourg entity regulated by the CSSF as both a crypto asset service provider and an electronic money institution. Bridge Building is owned by Bridge, the stablecoin infrastructure company that Stripe agreed to acquire for $1.1 billion in October 2024, with the transaction closing the following February. Bridge manages and holds the reserve assets backing EURR, while Revolut handles distribution through a Cyprus-regulated subsidiary licensed under MiCA regulations. Revolut stated that expansion across the broader European Economic Area and additional currency-denominated tokens are expected later this year, contingent upon regulatory readiness.
Emil Urmanshin, Revolut’s head of crypto and new bets, characterized the stablecoin as connecting the company’s 80 million customers to on-chain finance and providing utility that neither traditional banks nor crypto-native firms could offer. The euro stablecoin launch occurs amid skepticism from the European Central Bank. In May, ECB President Christine Lagarde expressed concerns that euro stablecoins were inefficient for strengthening the euro’s international position and warned of structural weaknesses in their foundation for settlement. She identified potential risks including sudden redemption pressure on private liabilities and diminished policy rate transmission if bank deposits shift elsewhere. At that time, roughly 98% of the $317 billion stablecoin market comprised dollar-denominated tokens.
Brussels is preparing revisions to MiCA regulations in 2027 designed to encompass foreign issuers, a development with potential implications for euro tokens with issuers based in Luxembourg under American ownership. Revolut confirmed stablecoin plans in mid-2025 and secured a UK banking license during the current year, in addition to being selected for the Bank of England’s digital securities initiative focused on sterling stablecoins. The company indicated that additional tokens are under development through separate regulatory pathways, suggesting the Bridge arrangement may be tailored specifically to the euro token.
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