Revolut's EURR Euro Stablecoin Goes Live With 374 Tokens in Circulation

EURR Launches in Three European Markets

Revolut has started rolling out EURR, its first euro-denominated stablecoin, to selected customers in Denmark, Poland and Portugal as of August 26. The token is pegged at €1 and is not issued by the neobank itself. Bridge Building S.A., a Luxembourg-regulated company owned by Stripe's Bridge, is the issuer. In its official announcement, Bridge said EURR is being distributed through its Open Issuance platform under an electronic money institution license, with Revolut handling distribution through its app. Bridge also manages the reserves, and its reserve page showed just 374 EURR in circulation at launch, backed by €374 in cash deposits. That figure points to a controlled pilot rather than an immediate challenge to established dollar stablecoins, and the rollout is not a broad airdrop or rewards program. Unlike algorithmic stablecoins, which rely on code-based mechanisms, EURR is collateralized by cash and can be redeemed at €1 per token. Its clearest functional difference from products such as USD Coin (USDC) is currency exposure: USDC tracks the dollar, so its euro value moves with the exchange rate, while EURR lets users move euro-denominated value onto Ethereum or Polygon without first taking dollar exposure. Revolut has not yet detailed whether EURR withdrawals will carry lower fees than USDC or where outside liquidity will be sourced.

EURR is entering a stablecoin market that is growing more crowded even as overall momentum cools. Stablecoin supply showed signs of slowing in 2026 after years of rapid growth, with Tether's USDT and Circle's USDC still dominating the space. The two together account for roughly 85% of stablecoins in circulation, while euro-pegged tokens remain a very small slice of the broader altcoin market. That concentration makes it difficult for any new entrant to gain meaningful liquidity, even before regulator questions around reserve management and redemption are settled. Competition is intensifying on multiple fronts: payments companies including Visa and Klarna, along with several global banks, have launched or are developing their own stablecoin initiatives. The broader banking push is visible in the US, where 39 banking groups are currently developing a stablecoin network. Within Revolut's app, EURR is integrated directly into the product, letting customers convert between euros and crypto on supported blockchains. Bridge, the Stripe-owned stablecoin infrastructure firm, manages the reserves behind the token. The first live supply numbers suggest the initial footprint is intentionally limited, but the distribution channel is now in place for a wider push later this year.

Revolut's longer-term plan extends beyond a single euro token. The company says wider availability across the European Economic Area and stablecoins in additional currencies are expected later this year, subject to regulatory readiness. Bridge Building S.A. operates under a Luxembourg license from the CSSF as both a crypto asset service provider and an electronic money institution. Bridge, the parent firm, is the stablecoin infrastructure company Stripe agreed to acquire for $1.1 billion in October 2024, with the deal closing in February 2025. Revolut's role is distribution through a Cyprus-regulated subsidiary licensed under the EU's Markets in Crypto-Assets (MiCA) framework. Emil Urmanshin, Revolut's head of crypto and new bets, said the token connects the company's 80 million customers to on-chain finance and provides utility that neither traditional banks nor crypto-native firms can match. The launch is proceeding despite skepticism from the European Central Bank. In May, ECB President Christine Lagarde said euro stablecoins were “not an efficient way” to strengthen the euro's international role, citing risks of sudden redemption pressure and weaker transmission of policy rates if deposits migrate out of banks. At the time, around 98% of the $317 billion stablecoin market was dollar-denominated, and EU authorities are planning a MiCA revision in 2027 that could capture foreign issuers — a live question for a euro token issued from Luxembourg under American ownership.

Taken together, the rollout shows that fiat-backed euro stablecoins have become a genuine product category, while also staying firmly at pilot-stage scale. The official reserve data we reviewed at launch is the clearest signal: 374 tokens in circulation means this is a test, not a market entry. Our reading of the competitive landscape is that USDT and USDC will not be displaced quickly, especially while euro-denominated supply remains marginal and the ECB questions the asset class. Unlike algorithmic stablecoins, whose stability depends on market incentives, EURR is backed by cash reserves and sits behind an existing retail distribution network. Until scale, fee clarity and regulatory comfort align, the token is best understood as an infrastructure experiment with the distribution and licensing foundation already in place.