Revolut has begun rolling out EURR, its first stablecoin and a euro-pegged token issued by Stripe-owned Bridge, to eligible customers in Denmark, Poland and Portugal. The phased rollout covers roughly 2 million customers in the three launch markets, with wider availability across the European Economic Area planned later this year.
The timing is not subtle. Revolut is bringing EURR to market at almost the same moment it finishes removing Tether’s USDt from the EEA and Switzerland. Remaining USDT balances were set to convert into customers’ base currencies after August 31, following Tether’s decision not to seek authorization under the EU’s Markets in Crypto-Assets regulation. Europe’s largest neobank is swapping the world’s biggest stablecoin for its own MiCA-compliant alternative.
How EURR works
EURR is a euro-denominated e-money token designed to hold a value of 1.00 euro and redeemable at par. Issuance sits with Bridge Building S.A., a Luxembourg entity regulated by the CSSF as both a MiCA crypto-asset service provider and an electronic money institution. The token is offered through Revolut Digital Assets Europe, a MiCA CASP regulated by CySEC.
The token launched on Ethereum first, with Polygon support added in the rollout. External wallet transfers are open to select customers immediately and will widen as liquidity builds. Fiat transactions carry no fees or spreads, and Revolut’s standard crypto trading and remittance limits apply.
Customers can hold EURR, spend it through the Revolut app and Revolut X, and move it to outside wallets. The company describes it as a bridge between its fiat, currency exchange and crypto ecosystem, letting users move between euros and on-chain value without a dollar detour.
Why a euro token at all
Dollar tokens dominate the stablecoin market. Tether’s USDT alone accounts for roughly $183 billion of the approximately $290 billion in circulation, and USDC adds another $74 billion. Euro-denominated stablecoins are a rounding error by comparison, which means European customers who want on-chain value have historically had to take on dollar exposure to get it.
EURR removes that step. Revolut’s customers mostly earn, save and spend in euros, and the company argues that a euro rail lets them move between fiat, crypto and external wallets without currency conversion. The company also points to growth in euro-denominated supply since MiCA gave compliant issuers a defined path.
| Stablecoin | Market cap | Share |
|---|---|---|
| Tether (USDT) | $183.3B | 63.1% |
| USDC | $73.7B | 25.4% |
| USDS | $9.6B | 3.3% |
| Ethena USDe | $4.7B | 1.6% |
| EURR | Early rollout | Negligible |
The MiCA squeeze on Tether
Tether’s absence from the European market is a choice with consequences. MiCA requires significant stablecoin issuers to hold at least 60 percent of reserves as bank deposits, a structure CEO Paolo Ardoino has argued creates liquidity risks. Rather than adapt, Tether retired its euro stablecoin EURT in November 2024 and skipped EU authorization entirely.
Revolut’s delisting followed a staged timeline announced in July: USDT purchases ended July 6, new deposits stopped July 30, and selling or withdrawal to external wallets ran through August 31 before automatic conversion to fiat. The company pointed users to a dashboard of licensed alternatives. MiCA moved into full enforcement on July 1, and the register of licensed providers has since grown to 280 firms.
The audit question hangs over any future Tether application. Consumers’ Research criticized the issuer in a letter to US governors for failing to provide an independent audit of its reserves, noting Tether has promised a full audit since at least 2017. Tether relies on quarterly attestations instead, and Ardoino said in an April 2025 interview that the firm was still seeking a top-tier audit partner. Major accounting firms remain cautious about stablecoin clients after the exchange failures of recent years, which keeps the gap open.
“EURR connects 80 million Revolut customers directly to on-chain finance,” said Emil Urmanshin, Head of Crypto and New Bets at Revolut.
What it means for the market
Circle’s USDC has been the quiet winner of Europe’s regulatory shift, holding MiCA authorization and keeping listings on licensed venues while USDT exits. EURR adds a second major compliant option, this one distributed through a retail app with 80 million customers and 16 million crypto users rather than through exchanges.
Revolut says stablecoins tied to other currencies are already in development through separate regulatory pathways, without naming which. A 37-bank consortium is preparing its own euro-denominated stablecoin, and Western Union launched a dollar payment token called USDPT this year. Visa and Klarna have announced stablecoin initiatives of their own. The pattern is clear: payment companies and banks are building regulated stablecoin rails ahead of demand rather than after it.
Revolut’s Polygon connection gives the launch some existing plumbing. The company’s customers already send and receive USDC and USDT over Polygon, stake and trade POL, and on-ramp directly from bank accounts. That integration crossed $1.2 billion by March 2026, and Polygon stands out among Revolut’s supported chains for low transaction costs.
One forecast puts global stablecoin card spending on track to quadruple to $50 billion a year by 2028. Whether euro tokens capture a meaningful slice depends on liquidity building fast enough to make EURR usable outside Revolut’s own app. For now the rollout is deliberately small, and the company is treating the three launch markets as a test before scaling across the EEA.
The counterargument to all of this is demand. European users who actually trade crypto still lean on dollar pairs, and euro liquidity on most venues remains thin. EURR solves a compliance problem first and a user problem second. If Revolut can make euro on-chain transfers genuinely cheaper and faster than the dollar alternatives, the order flips. Until then, the launch reads as positioning for a regulated future rather than a challenge to Tether’s global dominance.