Revolut has presented its first euro-referenced 'stablecoin', called 'EURR'. This new crypto asset is designed to maintain a value equivalent to 1 euro and is supported by reserves held and managed by the issuer, Bridge Building S.A. --a subsidiary of Stripe--. According to the entity's statement, the digital currency is natively integrated into the neobank's app for individual customers.
However, Revolut has clarified that, in this initial phase, the 'stablecoin' is only available "to a selected group of eligible customers in Denmark, Poland, and Portugal," with the expectation of expanding access to EURR to the entire European Economic Area (EEA) before the end of the year. The firm also plans to incorporate new versions linked to other currencies in the future.
In relation to this launch, the company frames it as a significant advance in its strategy to position itself as a link between 'fiat' money and crypto assets. With EURR, Revolut moves the euro to the 'on-chain' environment and articulates a direct connection between its traditional money services, currency exchange, and 'crypto' products.
'Stablecoins' allow, among other things, to streamline trading, settlement, and the movement of capital over 'blockchain' networks. The neobank maintains that, as digital assets integrate with conventional finance, these stable currencies can extend to broader uses, such as international transfers, payments between businesses, or the settlement of financial operations.
In the specific case of EURR, Revolut will offer eligible customers an on-chain route denominated in euros to operate easily between euros and cryptocurrencies. At the same time, the currency will be interoperable with various 'blockchain' networks and with external 'wallets', as the entity has specified.
"EURR directly connects 80 million Revolut customers with 'on-chain' financing. By combining our global scale and our regulated banking infrastructure with instant access in euros to the 'crypto' ecosystem," emphasized the Director of Crypto and New Bets at Revolut, Emil Urmanshin.