Revolut has begun issuing EURR, a token pegged to €1. Access was first given to select clients in Denmark, Poland, and Portugal, and the rollout will be expanded to the entire European Economic Area by the end of the year.
The issuer is Luxembourg-based Bridge Building S.A., a subsidiary of Bridge, which was acquired by Stripe for $1.1 billion. The license, reserves, and regulatory burden remained with the partner, while Revolut took over distribution.
The timing is indicative. On August 31, Revolut ended support for USDT for EEA clients: Tether did not apply for a MiCA license. The spot for the largest stablecoin in the European app became available just in time for the launch of its own.
The euro segment itself is still tiny: less than €800 million in a total stablecoin market of approximately $310 billion, or about 0.3%. Circle's EURC is leading the way, followed by Société Générale's EURCV; the Qivalis consortium of 37 European banks is preparing its own token.
The scarce resource here is distribution. Any licensed player can issue a MiCA token, but only a few can bring it to the masses without going through a crypto exchange. Revolut is playing to its strengths: over 75 million people hold money in the app, and 16 million already use crypto services.
Revolut is available in our app.