Europe’s leading fintech firm Revolut has unveiled its own euro-backed stablecoin, EURR, which will be built into the platform’s retail apps.
Revolut, whose app boasts over 80 million retail customers, said the stablecoin’s rollout will start with a select group of customers within Denmark, Poland, and Portugal in an emailed announcement on Wednesday. The token shares its ticker with Stablr’s euro-backed stablecoin, which currently has a 6.4 million market capitalization.
EURR gives the still-small euro-stablecoin sector a potential distribution channel far beyond crypto-native platforms. Revolut says more than 16 million of its customers already use crypto, meaning wider integration of EURR could put a euro-denominated onchain asset in front of a mainstream audience through an app they already use for banking.
The stablecoin ecosystem is currently worth over $300 billion, though euro-pegged stablecoins represent less than $800 million of that, according to DeFiLlama data.
Despite the Revolut branding, the MiCA-compliant stablecoin is legally issued by Bridge, a firm owned by Stripe. It’s authorized as an electronic money institution and supervised by Luxembourg’s markets watchdog.
