Key Takeaways:
- The stablecoin EURR, backed by the Euro, has been rolled out to a small number of customers in Denmark, Poland and Portugal by Revolut.
- Fintech has over 80 million retail customers of which more than 16 million already utilize crypto.
- EURR is issued by Bridge Building S.A. under the EU’s MiCA framework, and brought to its retail users by Revolut.
Revolut is moving its plans for a Euro stablecoin from development through to its rollout to real customers. The transfer will allow EURR to become available in large mainstream financial applications, and not just in the crypto-native space.
Revolut Starts EURR Rollout
The first rollout of EURR will follow a limited rollout to a few selected customers in Denmark, Poland and Portugal, before the stablecoin is added to the retail application, Revolut said.
The token has been designed to be backed by Euro currency and it is redeemable at face value. The product makes it easier for Euro holders on Revolut to link their traditional accounts with crypto activity on-chain, as it offers an app that they are already familiar with.
This potential reach is enormous. There are currently over 80 million retail customers worldwide using Revolut’s banking services, and over 16 million customers worldwide already utilize Revolut’s crypto services. With that established user base of cryptocurrency users, EURR has an established user base ready to use the platform as it expands access.
The launch also comes on the heels of a relatively small Euro stablecoin market. According to the original report, DeFiLlama data shows that the overall value of the stablecoin sector is more than $300 billion, with Euro-pegged stablecoins valued at less than $800 million.
Read More: Ripple’s MiCA License Opens Crypto Payments Across 30 European Markets Under One Framework
Bridge Is the Legal Issuer
The stablecoin is named after Revolut but it is not issued by the bank. Bridge Building S.A., a company based in Luxembourg and owned by Bridge, is the issuer of the token.
Bridge Building is licensed as an e-Money Institution and regulated by Luxembourg’s financial regulator. Additionally, EURR is designed to meet the standards set by the European Union’s Markets in Crypto-Assets (MiCA) regulations.
Bridge’s involvement is not limited to the token itself, he is also supporting the reserves that are backing it. EURR can be redeemed in its face value and the backing is kept in segregated accounts in regulated banks or in eligible, high liquidity Euro denominated instruments.
EURR Starts with a Tiny Supply
The stablecoin is starting from a very low level of usage. At the time of publication, Bridge’s live reserve page indicated that EURR totalled €374 and the reserves totalled 374 EURR, all of which were cash deposits.
The EURR token has an on-chain presence on two major networks: Ethereum and Polygon.The EURR token has smart contracts on Ethereum and Polygon, providing its on-chain presence in two prominent networks.
The project has been in development for almost 2 years now. In 2024, Revolut has already been reported to be developing its own stablecoin, so this is the first concrete step in bringing that plan to customers.
Read More: Revolut to Delist USDT by August amid Risk Concerns
The post Revolut Introduces EURR Euro Stablecoin in App for Europeans appeared first on CryptoNinjas.
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