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Revolut has entered the stablecoin arena with a soft launch. Its new euro-pegged token, EURR, currently sits at a market cap of roughly $290,000, with about $585,800 in transfers over the past 30 days. For a company serving over 80 million retail customers, those are training-wheels numbers.
EURR rolled out to select customers in Denmark, Poland, and Portugal starting around August 20, with a phased expansion beginning August 26. The initial audience: approximately 2 million users, a fraction of Revolut’s total base, with a wider rollout across the European Economic Area expected later this year.
What EURR actually is
EURR is a 1:1 euro-pegged stablecoin, fully collateralized by euro cash reserves held in segregated accounts. As of August 28, there were exactly 250,961 EURR tokens in circulation, matching €250,961 in equivalent cash deposits.
The token lives on Ethereum and Polygon, with plans to expand to additional chains down the line. Revolut has also signaled that compatibility with external wallets will improve over time, though for now the token functions primarily within the Revolut app and its Revolut X trading platform.
The issuer behind EURR is Bridge Building S.A., a Luxembourg-regulated entity owned by Stripe-acquired Bridge. That means EURR sits under the EU’s Markets in Crypto-Assets (MiCA) regulatory framework.
The USDT exit strategy
The timing of EURR’s launch is not coincidental. Revolut is actively phasing out Tether’s USDT across the EEA and Switzerland, with an effective cutoff date of August 31. That decision is driven by MiCA compliance requirements, which Tether has struggled to meet in the European market.
This is Revolut’s first stablecoin, but the company has hinted at a broader multi-currency stablecoin strategy.
Small fish, big pond
To put EURR’s current scale in perspective: Circle’s EURC, the leading euro stablecoin, has a market cap of approximately €394 million. EURR’s $290,000 is roughly 0.07% of that figure. The entire euro stablecoin market is estimated at between $673 million and $826 million.
Revolut has over 16 million users who already engage in crypto transactions. The controlled rollout, starting with three countries and 2 million users, suggests Revolut is prioritizing infrastructure stability and regulatory compliance over speed.
The 30-day transfer volume of $585,800 against a circulating supply of $290,000 implies that each token is turning over roughly twice per month, suggesting early adopters are actually using the token rather than just holding it.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
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