The European Central Bank has strengthened its privacy commitments for a potential digital euro as Revolut has begun rolling out its first euro-backed stablecoin, EURR, to selected customers across three European markets.
Forbes reported that the two projects are developing on separate tracks, with the digital euro designed as central bank money while EURR is a privately issued stablecoin intended to maintain a value of one euro.
Digital euro privacy would limit ECB access to user identities
ECB Executive Board member Piero Cipollone said the digital euro would offer the maximum level of privacy that existing technology can support, addressing concerns over how much transaction information a central bank digital currency could expose.
For offline payments, transaction details would only be available to the payer and recipient, Cipollone said. The Eurosystem would not receive information allowing it to identify the people involved in those payments.
Online transactions would operate differently because banks participating in the payment would still need access to customer information for anti-money laundering and other compliance requirements. However, Cipollone said the Eurosystem itself would not be able to identify the users making or receiving the payment.
In practice, the ECB would not be able to directly connect a specific person with a digital euro transaction regardless of whether the payment was made online or offline, according to Cipollone.
“The digital euro guarantees the maximum level of privacy that current technology can offer,” he said.
The privacy framework forms part of a digital euro project that remains under development. In March, crypto.news reported that the ECB expected to publish digital euro technical standards during the summer as payment providers, banks and merchants prepared their systems for a possible rollout.
Cipollone said at the time that a 12-month pilot was scheduled to begin in the second half of 2027, covering person-to-person and point-of-sale payments. The ECB has been working toward technical readiness for possible issuance around 2029, subject to the required European Union legislation.
The digital euro would complement physical cash and bank deposits instead of replacing them, according to the ECB. Private intermediaries such as banks and payment service providers would distribute the currency and provide wallets and related payment services.
Revolut EURR enters three European markets
While the ECB continues developing the digital euro, Revolut has started phased testing of EURR with eligible customers in Denmark, Poland and Portugal.
EURR is Revolut’s first stablecoin and is designed to maintain a value of €1. The token is initially launching on Ethereum, with Revolut planning wider availability across European Economic Area markets later in 2026.
Despite carrying Revolut branding, the token is issued by Bridge Building S.A., part of Stripe-owned stablecoin infrastructure company Bridge. Revolut distributes EURR through its existing platform, giving eligible customers a way to move between fiat currency, crypto assets, external wallets and supported blockchain networks.
Bridge entered the European market with regulatory approvals before the rollout. Crypto.news previously reported in July that the company had secured MiCA and EMI licenses in Luxembourg, allowing it to provide regulated stablecoin and euro payment services across all 27 EU member states.
The company subsequently joined the European Union’s MiCA register as the bloc’s 42nd authorized electronic money token issuer. The Bridge MiCA registration gave the Stripe-owned business a regulated route for issuing euro-backed tokens and providing related payment infrastructure across the bloc.
Revolut said EURR gives customers an on-chain euro option without requiring them to begin with a separate crypto platform. The company already serves more than 75 million customers across more than 40 markets through services covering payments, foreign exchange and crypto.
EURR is fully integrated into the Revolut platform, while stablecoins tied to other currencies are under development. Wider access to the euro token is expected later this year as the company continues its phased rollout.
Euro stablecoins expand under MiCA
Revolut’s entry comes as the supply and number of regulated euro-backed stablecoins have increased under the EU’s Markets in Crypto-Assets framework.
A Decta study covered by crypto.news in July found that the market capitalization of eight MiCA compliant euro stablecoins increased 128% in the year leading up to the end of the EU’s crypto transition period.
Their combined market capitalization rose from $295.6 million on June 30, 2025, to $673.9 million on June 28, 2026. Trading volume across the tokens increased 43.1% from $47 million to $67.3 million over the same period, while the number of compliant euro stablecoins with active market data increased from five to eight.
$EURC, EURCV and EURI accounted for much of the increase identified by Decta. Dollar-backed stablecoins remained far larger, with the eight euro tokens covered by the report accounting for less than 1% of the global stablecoin market.
Circle’s $EURC has become one of the largest regulated euro tokens. Its circulation passed €400 million in August after more than doubling over the previous year, while total euro stablecoin supply had reached about €650 million by June.
Circle operates $EURC as a MiCA-compliant electronic money token through its licensed electronic money institution in France. Eligible Circle Mint customers can redeem the token directly for euros at a one-to-one rate, while the stablecoin has gained support across blockchain networks, exchanges and payment infrastructure.
European banks have been developing competing products. Qivalis, a consortium involving major European financial institutions, selected Fireblocks earlier this year to provide infrastructure for a MiCA-compliant euro stablecoin intended for institutional settlement, treasury operations and tokenized assets.
The digital euro would sit in a different category from EURR, $EURC and other privately issued tokens because it would represent a direct liability of the central bank. Private stablecoins depend on their issuer, reserve structure, redemption arrangements and regulatory status.
Under the ECB’s proposed structure, the digital euro could support offline payments while banks continue handling customer-facing services and required compliance checks for online transactions. EURR, meanwhile, gives Revolut customers a euro-denominated asset that can move through blockchain networks and external wallets under Bridge’s regulated issuance structure.
Revolut plans to extend EURR beyond Denmark, Poland and Portugal to other eligible EEA markets later this year, while the ECB’s digital euro project is moving toward its planned 2027 pilot and possible issuance around 2029.
