Revolut Launches EURR Euro Stablecoin for 2M Users, Drops USDT in Europe

Europe’s Biggest Fintech Steps Into the Stablecoin Race

Revolut, the London-based fintech serving roughly 65 million customers across 38 countries, has launched its first stablecoin. The euro-backed token, called EURR, began a phased rollout on Tuesday, Revolut announced, and it marks the company’s most direct move yet from a banking app into on-chain money.

The launch puts one of the world’s most valuable private fintechs in direct competition with crypto-native issuers on their home turf. It also lands at a moment when euro-denominated stablecoins remain a tiny corner of a market dominated by the US dollar.

How the EURR Rollout Works

According to Cointelegraph, the initial rollout covers eligible customers in Denmark, Poland and Portugal, a group of around 2 million users, with wider availability across the European Economic Area expected later this year.

EURR is pegged to one euro and launches first on Ethereum. The token is issued by Bridge Building S.A., a Luxembourg-based entity of Bridge, the stablecoin infrastructure company owned by payments giant Stripe. Reserves backing the token are held and managed by Bridge under the EU’s MiCA framework, and the product is offered through Revolut Digital Assets Europe.

A Revolut spokesperson said external wallet transfers “will be available immediately for select customers and more broadly as liquidity builds,” meaning EURR starts life inside the app and gradually opens up to the wider on-chain economy.

USDT Is on Its Way Out of Revolut’s European App

The EURR launch has a flip side: Tether’s USDT is leaving. Revolut is withdrawing the world’s largest stablecoin from its app across the EEA and Switzerland, with remaining USDT balances converted into customers’ base currencies after August 31.

The reason is regulatory. MiCA, the EU’s Markets in Crypto-Assets regime, requires stablecoin issuers to be authorized within the bloc and to hold a significant share of their reserves in deposits with EU banks. Tether has declined to seek MiCA authorization, and European platforms have been steadily removing USDT as a result. Revolut swapping USDT for its own MiCA-compliant euro token turns a compliance problem into a product.

What a Stablecoin Actually Does

For newcomers, a stablecoin is a cryptocurrency designed to maintain a fixed value, usually pegged to one unit of a traditional currency. The issuer maintains a pool of reserves, such as cash and short-term government debt, worth at least as much as the total value of all tokens in circulation. When a customer buys one EURR, one euro’s worth of reserves sits behind it, and the token can be redeemed for a euro later.

That simple mechanism is what makes stablecoins useful. They move like crypto, settling in minutes on networks such as Ethereum, but they hold their value like the money in a bank account. That combination makes them a natural bridge between a digital wallet and volatile assets like Bitcoin, and a fast rail for payments and transfers that traditional banking still struggles to match.

The Euro Stablecoin Market Is Tiny, and That Is the Point

Dollar-pegged tokens dominate the stablecoin market, with roughly $300 billion in circulation, while euro stablecoins barely register. Circle’s EURC, the current euro leader, only passed 400 million euros in circulation earlier this year. Fintech analyst Linas Beliunas said on X that the launch is one of the clearest signs yet that Revolut “wants to own the money layer, not just the app around it.”

That gap is the opportunity. Regulation had effectively cleared the field before the biggest players arrived, and Revolut is stepping into a market with no entrenched euro incumbent. In the US, stablecoin rules moved in a similar direction this month when the Treasury’s first GENIUS Act rule set a $10 billion cutoff for issuers, another sign that regulated, bank-adjacent stablecoins are becoming the template on both sides of the Atlantic.

What Comes Next for Revolut’s Token Plans

Revolut has described EURR as “the first step” in a broader stablecoin strategy, with tokens linked to other currencies under development through separate regulatory pathways. The company was reportedly among the first cohort selected to test sterling stablecoin plans with the UK’s Financial Conduct Authority, which could point to a GBP token down the line.

Nothing about that timeline is guaranteed. Adoption may depend on how quickly external wallet transfers become available, whether merchants and exchanges list EURR, and how quickly the wider EEA rollout lands. If usage builds, analysts suggest other major fintechs and banks could follow suit with their own tokens, and anyone tracking crypto prices this year has already seen the stablecoin sector become the industry’s quiet growth story.

A Turning Point in Who Issues Digital Money

The bigger story is who is issuing this token. Stablecoins began as tools built by crypto companies for crypto traders. EURR is a regulated euro token issued through Stripe-owned infrastructure and distributed by a bank-licensed fintech with 65 million customers, most of whom have never touched a blockchain.

That is a structural shift. When the companies that already pay people’s salaries start minting the on-chain version of their money, stablecoins stop being a crypto product and become part of mainstream finance’s plumbing. The euro stablecoin market is small today, but the firms now entering it are anything but.