Revolut launched EURR, a euro-backed stablecoin, on August 20 according to regulatory documents, though its formal public announcement came on August 26. The token is pegged to exactly one euro and is currently available to eligible customers in Denmark, Poland, and Portugal. Broader availability across the European Economic Area is expected before the end of the year.
Bridge's reserve dashboard, updated the Tuesday before the announcement, showed 374 tokens in circulation with EUR 374 in cash reserves. Bloomberg first reported the launch on Wednesday. Revolut shared the announcement on X today, confirming that the product was live according to its legal disclosures and Bridge's MiCA white paper.
We’re rolling out EURR, our first euro-backed stablecoin, in the Revolut app. pic.twitter.com/UVcns1mytF
— Revolut (@Revolut) August 26, 2026
Bridge, not Revolut, holds and issues the token
Luxembourg-based Bridge Building S.A. is the legal issuer of EURR. The CSSF regulates Bridge as an electronic money institution under license W00000024 and as a crypto-asset service provider under license N00000012. Revolut Digital Assets Europe Ltd is the sole named distributor in Bridge's MiCA white paper. The product is offered through the Revolut app and Revolut X under the brand name Revolut Euro.
Bridge is owned by Stripe, which completed its acquisition in February 2025. The deal had been reported at approximately $1.1 billion when the companies agreed to terms in 2024.
The white paper requires Bridge to hold one euro, or an equivalent in euro-denominated assets, for each token in circulation. An independent accounting firm will provide monthly confirmation that reserves match or exceed outstanding supply in the EEA, though the white paper does not identify the auditor. EURR currently runs on Ethereum and Polygon, with Solana, Arbitrum, and other networks named in the white paper as planned additions.
What holders can and cannot do with EURR
Holders have a legal claim on Bridge and can request redemption at par without a fee. They must pass compliance checks and provide an EEA bank account with a valid IBAN. Bridge commits to completing the euro transfer within two business days.
EURR does not pay interest to holders, even if Bridge earns returns on reserve assets. Bridge retains the ability to freeze addresses connected to suspected illegal activity or where required by authorities. The white paper sets no maximum supply, with issuance tied to demand from EEA customers.
Under conditions of market stress, Bridge's recovery framework may permit temporary limits on redemptions or a full suspension. The CSSF requires Bridge to file recovery and redemption plans within six months of making EURR available.
How far EURR sits behind Circle's head start
Circle launched EURC on Ethereum in June 2022 and received MiCA authorization in July 2024. The token had EUR 403.1 million, approximately $470.1 million, in circulation on August 20, per Circle's self-reported data. EURR's 374 tokens five days after launch represent a starting point more than one million times smaller.
The structural gap traces to MiCA itself. The regulation requires major stablecoin issuers to hold at least 60% of reserves in EU bank deposits. Tether declined authorization because its model depends on US Treasuries, which left Circle's products as the dominant MiCA-compliant options in Europe.
The European Commission opened consultations on revising those rules in May. A review report is not expected until mid-2027, with revised regulations realistically arriving in 2028. Revolut reported $6 billion in revenue for 2025, up from $4 billion the year prior, and carries 65 million users across 38 countries. No crypto-native euro stablecoin issuer currently matches that user base as a distribution channel.
Tether's USDT and Circle's USDC together account for approximately 85% of stablecoins in global circulation, according to DefiLlama. Euro-linked tokens make up a small fraction of that total.
Other regulated euro stablecoin issuers already in the market
Revolut is not the first new entrant in the MiCA-compliant euro stablecoin space. Germany-based AllUnity launched EURAU in July 2025 after receiving an electronic money institution license from BaFin. The firm is a joint venture between DWS and Flow Traders, with Galaxy also named as a partner in the project.
Qivalis said in May that 37 European banks had joined its initiative, with BNP Paribas and ING among those publicly named. The project targets a MiCA-compliant euro stablecoin in the second half of 2026, subject to authorization by the Dutch central bank. Revolut said on X that stablecoins tied to other currencies are already in development, and customers can register through a link shared on its official account for notification when EURR reaches their market.
Anastasiia G
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