Revolut has started rolling out EURR, its first stablecoin, a euro-pegged token issued through Stripe-owned Bridge and built into the app used by more than 80 million customers. The rollout began with eligible customers in Denmark, Poland and Portugal, roughly 2 million people, with wider availability across the European Economic Area planned later this year.
EURR is designed to hold a value of exactly one euro and can be redeemed at par through its issuer, Bridge Building S.A., a Luxembourg entity licensed by the CSSF as both a crypto asset service provider and an electronic money institution. Revolut Digital Assets Europe, regulated by CySEC, offers the token to customers. Reserves sit in segregated accounts at regulated banks or in highly liquid euro-denominated instruments, and each token can be redeemed against Bridge at face value.
A euro token on Ethereum and Polygon
The stablecoin launched live on Ethereum and Polygon, with separate smart contracts on each network. External wallet transfers are open to select customers now and will widen as liquidity builds, a Revolut spokesperson told Cointelegraph. Fiat conversions carry no fees or spreads, and the company’s standard trading and remittance limits apply.
The launch is the end point of a project that has been in development for almost two years. Revolut was reported to be working on its own stablecoin as far back as 2024. It received in-principle approval from UAE authorities for crypto services this year and reached a $115 billion valuation in an employee share sale last month.
Why euro stablecoins matter now
The stablecoin market is worth more than $300 billion, but dollar tokens dominate it almost completely. Euro-pegged stablecoins account for less than $800 million of that total, according to DeFiLlama data. Circle’s EURC leads the euro segment with about 394.5 million euros in circulation as of late August.
The euro segment is growing fast under the EU’s MiCA framework, which gave euro stablecoins a defined compliance path. The market capitalization of eight MiCA-compliant euro stablecoins rose 128 percent to $673.9 million in the year through June. A forecast cited by Polygon puts global stablecoin card spending on track to quadruple to $50 billion a year by 2028.
For Revolut’s customers, most of whom earn, save and spend in euros, dollar stablecoins meant taking on currency exposure just to hold value on-chain. EURR removes that step. The company says more than 16 million of its customers already use crypto, so wider integration could put a euro-denominated on-chain asset in front of a mainstream banking audience.
“EURR connects 80 million Revolut customers directly to on-chain finance. By combining our global scale and licensed banking infrastructure with instant euro-denominated access to the crypto ecosystem, we are unlocking real-world stablecoin utility,” said Emil Urmanshin, head of crypto and new bets at Revolut.
Iman Olya, product owner for stablecoins at Revolut, framed the token as an extension of the company’s original pitch. The app cut hidden fees in currency exchange, she said, and EURR now does the same for moving between fiat and crypto. Mai Leduc Blount, head of product at Bridge, said the firm’s MiCA and EMI authorizations give any business building euro rails a regulated foundation.
Dumping Tether along the way
The launch pairs with a quiet eviction. Revolut is withdrawing Tether’s USDt from the European Economic Area and Switzerland, and said remaining USDT balances would be converted into customers’ base currencies after August 31. The move follows MiCA’s compliance deadline, which pushed several major venues to delist non-compliant stablecoins.
Revolut is not alone in eyeing the euro rail. A consortium of 37 banks is preparing its own euro-denominated stablecoin, and The Banker noted Revolut’s launch puts it ahead of that group. Revolut also said tokens tied to other currencies are in development through separate regulatory pathways, though it has not named them. Stablecoins tied to other currencies would follow the same pattern: a regulated issuer, integration into the retail app, and access to the crypto ecosystem without a detour through dollars.
The competitive picture
EURR enters a market where distribution, not issuance technology, decides winners. Circle has first-mover advantage with EURC, and PayPal’s PYUSD shows how a large consumer platform can seed a token through its own user base. Revolut’s pitch is similar at larger scale: a bank-like app where customers can hold, spend and move a regulated euro token without leaving the interface.
The early numbers are tiny. Bridge’s live reserve page showed just 374 EURR in circulation against 374 euros of reserves at publication, all held as cash deposits. That is normal for a phased launch, but it underlines how far the euro segment sits from the dollar giants. Tether’s USDT alone circulates in the tens of billions, and even Circle’s USDC dwarfs the entire euro category.
Revolut’s Polygon integration gives it a head start on low-cost rails. The company’s customers already send and receive USDC and USDT over Polygon, stake and trade POL, and on-ramp straight from bank accounts. That traffic crossed $1.2 billion by March, and EURR now lands on a network already carrying dozens of local-currency tokens, euro included.
What to watch
Three things will tell whether EURR breaks out of the niche. The pace of the wider EEA rollout matters first, since 2 million users in three countries is a test, not a market. Circulating supply is the second marker, because the gap between 374 tokens and a meaningful float is where launches usually stall. The third is whether Revolut converts its 16 million crypto users into holders, or whether the token stays a curiosity inside an app most people use for cards and transfers.
What happens next also depends on regulation beyond Europe. Revolut’s UAE approval hints at a multi-market stablecoin strategy, and the company has said other currency tokens are coming through their own regulatory paths. If even one lands in a large emerging market, the euro experiment becomes a template rather than a one-off.