EURR was created to maintain a value close to €1 on the Ethereum network. Revolut began testing its new asset in Portugal, Denmark, and Poland, bringing major tech news to the financial sector by simplifying the transition to decentralized finance.
What is EURR and How Does It Work?
EURR is a stablecoin pegged to the euro (1 EURR = €1), eliminating the high volatility typical of crypto assets like Bitcoin.
Debuting on Ethereum, it enables users to:
- Transfer value seamlessly between euros, cryptocurrencies, external wallets, and compatible blockchains.
- Conduct on-chain operations directly without relying on US dollar-pegged assets.
- Access a dedicated euro pegged crypto Revolut users can manage directly within the app.
Revolut aims to build a direct bridge to blockchain ecosystems, creating new opportunities for tech jobs and growth across European fintech companies.
Issuance and Regulation
While accessible in-app, EURR is issued and backed by Bridge Building SA (owned by Stripe). Distribution is managed by Revolut Digital Assets Europe, regulated in Cyprus under the EU's MiCA framework.
Rollout and Expansion
The initial Revolut EURR stablecoin Portugal release remains limited to select eligible users. Following this official Revolut digital euro launch, the company plans to expand access across the European Economic Area (EEA) and introduce additional currency solutions later this year.
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