Revolut has started rolling out its first branded stablecoin to selected customers in Denmark, Poland and Portugal, giving them access to a euro-denominated token inside its retail app. The company said in its EURR launch announcement that availability will expand to other European Economic Area markets later in 2026, subject to operational and regulatory readiness.
The legal structure matters. Although Revolut presents EURR as part of its stablecoin strategy, the token is issued by Bridge Building, the Luxembourg entity owned by Stripe. Revolut Digital Assets Europe acts as the offeror and, according to Revolut’s risk disclosure, admits EURR to trading on Revolut X. Bridge holds and manages the reserve, while eligible Revolut customers receive the retail-app integration and route between conventional euros and the token.
EURR is available on Ethereum and Polygon, according to Bridge’s EURR reserve dashboard. That page showed 374 tokens in circulation, backed by €374 in cash deposits, shortly before the customer rollout. The small opening supply indicates that Revolut is beginning with a controlled launch rather than entering the market with an established pool of liquidity.
Bridge Issues EURR While Revolut Distributes It
Bridge Building is an electronic money institution supervised by Luxembourg’s Commission de Surveillance du Secteur Financier. It holds EMI licence W00000024 and crypto-asset service provider licence N00000012. Those approvals allow Bridge to issue electronic money, provide associated payment services and operate regulated crypto infrastructure across the European Economic Area.
The authorisation is the foundation for the Revolut product. Bridge was added to the European Union’s register of authorised electronic money token issuers in August, after securing its Luxembourg licences in June. Stripe acquired Bridge in February 2025 to add stablecoin issuance, wallets and cross-border transfers to its payments infrastructure.
Revolut Digital Assets Europe is separately authorised by the Cyprus Securities and Exchange Commission. The CySEC register lists Revolut’s entity as CASP001/25, with permission to provide custody, run a crypto trading platform, exchange crypto assets for funds and other crypto assets, place tokens and provide transfer services across European markets.
This division means customers should not treat EURR as a liability of Revolut’s banking entities. Bridge is responsible for issuance and redemption. Revolut provides the customer-facing access and crypto services. The structure is similar to other branded stablecoin arrangements in which a regulated infrastructure company handles reserves and issuance for a platform with the larger consumer relationship.
Bridge already performs that role elsewhere. It issues MetaMask’s mUSD and provides embedded stablecoin infrastructure for payment companies. Payoneer also selected Bridge to add stablecoin balances and transfers to its existing business platform, showing how Stripe is using the company as an issuance and orchestration layer behind other financial brands.
Par Redemption Comes With an Onboarding Condition
Each EURR is designed to maintain a value of €1 and is backed by assets safeguarded under the European Union’s Markets in Crypto-Assets rules. Bridge’s dashboard says reserve assets can be held in segregated accounts at regulated credit institutions or invested in eligible highly liquid euro instruments. At the prelaunch snapshot, the entire €374 reserve was held as bank cash rather than securities.
Revolut’s crypto-asset risk disclosure states that holders can redeem EURR against Bridge at par value at any time, subject to the applicable process. The launch material adds an operational qualification: a holder seeking direct redemption from Bridge must be successfully onboarded by the issuer.
That condition separates the legal redemption right from immediate access to it. A customer using EURR inside Revolut may be able to sell or convert the token through Revolut’s service, while direct redemption with Bridge requires a separate relationship and compliance checks. Users transferring EURR to an external wallet should understand which route remains available if app trading, blockchain transfers or market liquidity are interrupted.
EURR is also an electronic money token rather than a bank deposit. It is not covered by a deposit guarantee scheme, and its value depends on the issuer’s reserve management, operational controls and ability to process redemptions. MiCA imposes reserve, disclosure and redemption requirements, but regulatory status does not remove counterparty, smart-contract, blockchain or liquidity risk.
EURR Enters a Euro Market Led by EURC
Revolut is entering a euro stablecoin segment that is growing quickly but remains small beside dollar tokens. Research published in June put the combined market value of eight MiCA-compliant euro stablecoins at $673.9 million, up 128% over 12 months. As examined in a comparison of the euro stablecoin market with dollar-backed tokens, the compliant euro group represented about 0.22% of the value held in dollar stablecoins.
Circle’s EURC was the leading euro token, with an average market value of about $430 million during the measured period. Société Générale-FORGE’s EUR CoinVertible and Banking Circle’s EURI were among the other larger regulated products. Société Générale-FORGE has expanded EURCV across several networks, while Circle has built exchange liquidity and institutional conversion infrastructure around EURC.
EURR therefore begins without a first-mover advantage. Revolut’s differentiator is distribution. The company reports more than 80 million retail customers and over 16 million crypto users, although only a selected group in three countries is eligible during the initial phase. Emil Urmanshin, Revolut’s Head of Crypto and New Bets, said EURR connects the company’s customers to on-chain finance. At launch, that statement describes the potential reach of the platform rather than the number of customers who can already use the token.
The distinction between account reach and on-chain adoption will determine whether EURR becomes more than an internal conversion instrument. A stablecoin gains utility when exchanges, wallets, payment companies, market makers and decentralised applications accept it with sufficient liquidity. Ethereum and Polygon provide two routes into that market, but Revolut and Bridge have not named external trading venues, payment merchants or DeFi protocols supporting EURR at launch.
MiCA Created the Route for a Revolut-Branded Euro
MiCA classifies a token referencing one official currency as an electronic money token. Issuers must be authorised as a credit institution or electronic money institution, publish a white paper, safeguard reserves and offer redemption at par. Revolut chose a licensed external issuer rather than obtaining a separate EMI authorisation for the token through its crypto distributor.
The arrangement lets Revolut use Bridge’s regulated issuance and reserve infrastructure while keeping the token inside its existing customer experience. Bridge’s two Luxembourg licences were designed for this model, allowing companies to combine stablecoins, euro accounts, named IBANs and payouts through one integration. Its dual authorisation covers both crypto services and electronic money activity across the bloc.
The timing also follows Revolut’s decision to narrow support for tokens that do not fit its European regulatory approach. The company is removing USDT for customers in the European Economic Area and Switzerland while retaining it in other regions. EURR gives European users a native euro option at the same time that platform access to the largest dollar stablecoin is being reduced.
That does not mean EURR directly replaces USDT. The tokens have different base currencies, liquidity profiles and uses. USDT is widely used as a dollar trading and settlement asset across global crypto markets. EURR is initially positioned as a euro on-ramp, off-ramp and transfer rail for eligible Revolut users. Its ability to serve broader trading or settlement activity will depend on integrations that have yet to be announced.
Revolut Is Testing a Bridge Between Its Two Balance Systems
Revolut already lets customers hold conventional currencies and crypto assets in one app. EURR adds a transferable representation of the euro that can leave the company’s internal ledger and operate on public networks. That makes the token useful as a bridge only if moving euros into EURR, withdrawing the token, using it externally and returning it to euros can be completed without excessive fees, delays or liquidity loss.
Iman Olya, Product Owner for Stablecoin at Revolut, said the aim is to remove friction when customers move on and off-chain. The claim will be tested by conversion pricing, blockchain withdrawal fees, transfer limits, network availability and the depth of markets available outside Revolut. None of those practical measures was disclosed in the launch announcement.
The company said additional currency-denominated stablecoins are being developed through separate regulatory pathways. That wording suggests Revolut does not expect one European authorisation structure to cover every future token. Issuance, reserves and distribution will have to be matched to the rules and licences governing each currency and market.
EURR’s early indicators will be straightforward to observe. Circulating supply should rise from the 374-token starting point, reserve reporting should remain aligned with supply, and external wallet activity should spread beyond test-sized transfers. The harder measures will be liquidity outside Revolut, the cost of moving between bank euros and EURR, and whether customers use the token for transfers and on-chain applications rather than holding it briefly between crypto trades.
For Revolut, the launch is a distribution test as much as a crypto product launch. Bridge supplies the regulated token, Polygon and Ethereum provide the public rails, and Revolut supplies the customer relationship. If those layers work together, EURR can turn part of Revolut’s euro balance network into on-chain liquidity. Until the rollout broadens and external integrations appear, it remains a small, carefully controlled pilot with a potentially large audience.