Revolut launches EURR stablecoin in 3 EU markets as USDT exits

Revolut began rolling out EURR, its first euro-pegged stablecoin, to about 2 million customers in Denmark, Poland and Portugal, with wider European Economic Area access planned later this year.

"Denmark, Poland, and Portugal were selected for their market size, where approximately 2 million customers will be involved in the initial rollout," a Revolut spokesperson said.

EURR is issued by Bridge Building S.A., the Luxembourg electronic money institution owned by Stripe's stablecoin infrastructure arm Bridge, which received MiCA authorization Aug. 7 — the 42nd company on the bloc's electronic-money-token register. The token holds a one-to-one peg with the euro and can be redeemed at par through the issuer, whose reserve page showed 374 EURR in circulation backed by 374 euros in cash deposits at publication. Revolut Digital Assets Europe acts as offeror and is admitting EURR for trading on Revolut X, with the token launching on Ethereum before expanding to other chains.

The launch moves Revolut from distributing third-party stablecoins to offering a branded euro token at the moment MiCA is pushing Tether's USDT off European shelves — Revolut is converting remaining USDT balances into base currencies after Aug. 31. It also puts a euro-native asset in front of more than 16 million crypto users inside an app they already use for banking, a distribution channel no rival euro stablecoin can match.

A Crowded Euro Field

Revolut enters a euro stablecoin market that remains tiny next to dollar tokens. CoinGecko put the total euro stablecoin market at roughly $733 million, against USDT's market cap of about $183.6 billion in late July. Circle's EURC, the category leader, passed 400 million euros in circulation this month and grew 109.8 percent over the year ending in June, according to Decta's Euro Stablecoin Trends Report. A consortium of 37 banks is backing the Qivalis stablecoin, while Banking Circle, AllUnity and other regulated issuers operate euro-pegged tokens under MiCA.

Revolut's edge is distribution. The company says more than 75 million retail customers use its app, and The Block cited Revolut's figure of more than 16 million crypto users. Convert even a small slice of those into EURR holders and the euro stablecoin rankings can shift quickly. The company has been building toward this for over a year, processing more than $1.2 billion in on-chain stablecoin volume by March 2026 and bringing stablecoin remittances onto the Polygon network for UK and non-EU customers in November 2025.

A Shared Ticker With a Troubled Past

EURR carries a complication Revolut did not create. A Malta-licensed euro stablecoin from StablR, in which Tether took an equity stake in December 2024, has traded under the same symbol since 2024. In May, an attacker who compromised a single signer's key on StablR's minting multisig created $13.5 million in unbacked EURR and USDR tokens, sending the token down to $0.85, roughly 26 percent below its peg, before StablR confirmed the exploit. StablR's EURR now has a market capitalization of about $6.4 million.

Anyone searching for "EURR" on an exchange or block explorer must now distinguish between a token with a documented depeg and a newly issued one from a payments company that has never had a stablecoin exploited. For a product pitched on simplicity, two euro stablecoins sharing the same letters is not a clean start.

Revolut plans to expand EURR to additional European markets later this year and develop stablecoins linked to other fiat currencies, targeting the tokens at cross-border payments and business transfers beyond crypto trading. Whether the token outgrows its three-country pilot will depend on how the market sorts out the shared ticker and on Revolut's execution across the wider EEA.

This article is for informational purposes only and does not constitute investment advice.