Global fintech company Revolut has rolled out its MiCA-compliant, euro-denominated stablecoin EURR across Denmark, Poland and Portugal.

 

Announcing the rollout in a Wednesday post on X, Revolut said the launch aims to make stablecoins more accessible to its customers, giving them more options beyond the dominant dollar-backed stablecoins.

 

With the launch of EURR, Revolut customers across the three European countries will now be able to move more value on-chain, with the company hinting at a potential expansion into other European markets later this year.

 

"EURR connects 80 million Revolut customers directly to on-chain finance," Emil Urmanshin, Head of Crypto at Revolut, said.

 

"By combining our global scale and licensed banking infrastructure with instant euro-denominated access to the crypto ecosystem, we are unlocking real-world stablecoin utility that no traditional bank or crypto-native company can match."

 

The EURR stablecoin will be issued by Bridge Building S.A., the stablecoin infrastructure company acquired by Stripe for $1.1 billion in October of last year. For a start, EURR will only be available on Ethereum and Polygon, with support for more blockchains expected over time.

 

Institutional Interest in Euro-Pegged Stablecoins Grows

 

Despite accounting for only about 0.2% of the total stablecoin market, euro-pegged stablecoins have received growing interest from financial institutions looking to create more options for users beyond dollar-backed stablecoins.

 

Prior to the launch of EURR, EURXT, a stablecoin also pegged to the euro, was launched by Crédit Agricole, one of Europe’s largest banks, in July of this year.

 

Efforts are underway by other institutions to launch euro-denominated stablecoins, notable among them is the Qivalis consortium, made up of about 37 banks, which is targeting the launch of a euro-pegged stablecoin in the second half of this year.