British fintech startup Revolut has launched a euro-pegged stablecoin, EURR, according to Bloomberg, citing a company statement.
The issuer of EURR is Bridge, owned by American company Stripe. Bridge will also hold and manage the assets backing the stablecoin.
Initially, it will be available to a limited number of Revolut customers in Denmark, Poland, and Portugal, with the startup planning to open access to other European Economic Area (EEA) markets later this year.
EURR will be integrated into the Revolut app and will allow users to exchange euros for cryptocurrency and vice versa directly on the blockchain.
The company calls its introduction the first step in its stablecoin strategy, which includes launching tokens pegged to other currencies.
"Revolut started by removing hidden fees and barriers in currency exchange," the company said in a statement. "Now we are doing the same with cryptocurrency."
Financial news outlet Finance Magnates, citing official documents, reports that EURR was launched on August 20 and is branded as Revolut Euro. According to its data, the stablecoin is available in the Revolut retail app and on the Revolut X cryptocurrency exchange. As of Tuesday, only 374 EURR were in circulation, with reserves of 374 euros.
Revolut was founded in 2015 in London by Nikolay Storonsky (a graduate of MIPT and NES) and Vlad Yatsenko. The company serves more than 80 million retail and 800,000 business customers worldwide. In more than 30 countries, it operates as a bank.
In 2024, Revolut became Europe's most valuable private technology company, with a valuation of $45 billion, and last year confirmed this status by increasing its valuation to $75 billion.
