Revolut has announced EURR, its first in-house euro stablecoin, pegged at a fixed ratio of 1 EURR to EUR 1.00. The token is issued by Bridge, a subsidiary of Stripe, and the rollout begins with selected customers in Denmark, Poland and Portugal.

Revolut is a British neobank that combines bank accounts, card payments, securities trading and crypto trading in a single app. According to company figures, about 80 million retail customers now use the platform worldwide, and more than 16 million of them use the crypto section. A stablecoin is a token whose value is kept pegged to a fiat currency through reserve backing. In the case of EURR, that currency is the euro, and the token is regulated under the EU’s Markets in Crypto-Assets (MiCA) framework. Revolut says the app will integrate the token fully and should allow users to switch between euro and crypto on-chain. Later in 2026, EURR is expected to expand to further markets in the European Economic Area. The broader stablecoin market that Revolut is entering has a market capitalization of around USD 290 billion, but euro-pegged tokens remain a smaller part of that landscape.

Stripe subsidiary Bridge issues Revolut’s EURR

The issuer of the token is Bridge Building S.A., a Stripe-owned company specializing in stablecoin infrastructure. Bridge also holds and manages the reserve assets backing EURR, in line with MiCA requirements. Its supervisory seat is in Luxembourg. The local regulator, the CSSF, has authorized Bridge on two counts. It holds both a Crypto-Asset Service Provider (CASP) license and an electronic money institution (EMI) license. The authorizations carry the numbers N00000012 and W00000024. The first covers crypto services, and the second covers the issuance of electronic money. Regulatory responsibility for the token therefore does not sit with Revolut itself; Revolut provides the distribution, app and customer base.

Until now, Revolut’s offering covered only trading in tokens issued by others. With EURR, the company is launching a product under its own name for the first time. Product Owner Iman Olya pointed to Revolut’s core business, saying the company first removed hidden fees and friction in currency exchange and is now doing the same in crypto. Revolut also described the euro token as a “first step” toward a broader stablecoin strategy, with further tokens pegged to other currencies expected to follow. The move brings the company closer to the business model of regulated issuers, although it does not manage the reserves itself.

Emil Urmanshin, Head of Crypto and New Bets at Revolut, said:

“EURR connects 80 million Revolut customers directly to on-chain finance. By combining our global scale and licensed banking infrastructure with instant, euro-denominated access to the crypto ecosystem, we unlock real stablecoin utility. Neither a traditional bank nor a crypto-native company can offer that.”

Two stablecoins share the EURR ticker

The EURR ticker is already in use in the European market. StablR, an issuer licensed in Malta, already offers a MiCA-compliant euro stablecoin under the same symbol. The company also issues the dollar token USDR. Malta’s financial regulator, the MFSA, granted StablR an EMI license in July 2024. Tether has held an equity stake in the issuer since December 2024. Tokenization runs through Tether’s Hadron platform, and trading takes place on Ethereum and Solana.

Two independent products now use the same ticker symbol. Revolut’s EURR is backed by Bridge and Stripe, while the earlier token is backed by StablR and Tether. The issuer, licensing structure and distribution route are different, and no connection between the two providers has been disclosed. Both tokens fall under the MiCA category of euro-backed e-money tokens, but supervision is handled in different countries.

In wallets and price lists, both still appear under the same symbol. For users checking the reserves, prices or contract addresses of an “EURR,” attribution therefore matters. Since taking its stake, Tether has been building its European business through StablR and Hadron.

Tether withdraws from Revolut

As EURR launches, the world’s largest stablecoin is disappearing from Revolut’s platform. The company first stopped new USDT deposits in late July 2026. Revolut then set the full withdrawal deadline for 31 August 2026. Until then, users must move or convert existing holdings. After that date, the platform will automatically convert remaining balances into fiat.

The move is tied to European regulation. Tether has chosen not to pursue MiCA registration for USDT and has criticized, among other things, the requirement to hold at least 60% of reserves in European bank deposits. As a result, trading venues in the European Economic Area are removing unregistered tokens from their lineups.

That creates a gap in Revolut’s offering, and EURR is moving directly into it. The new token is designed for MiCA from the outset because a licensed issuer manages the reserves. In Europe, EURR is positioned as a regulatory-approved substitute for USDT on the Revolut platform. The withdrawal affects only Revolut; Tether’s broader European business is not affected. For customers in Denmark, Poland and Portugal, little changes for now, especially since access remains limited to selected users.

USDT and USDC dominate the market

Revolut is not the first major payments company to launch its own stablecoin. PayPal introduced PYUSD in 2023. Visa, Klarna and several global banks also announced their own initiatives last year. The use case has shifted over time: stablecoins were initially used mainly as a trading currency on crypto exchanges, before payments became a more prominent use case. There, they are often presented as a faster and cheaper alternative to traditional transfers.

Despite the arrival of new issuers, market shares have changed little. Tether’s USDT has a market capitalization of USD 183.2 billion, while Circle’s USDC stands at USD 73.7 billion. The total stablecoin market is around USD 289.8 billion, which means the two leaders together account for nearly 89%. By comparison, USDC is worth around 40% of USDT’s capitalization. Bloomberg, citing DefiLlama data, puts the share at around 85%. New issuers therefore compete for only a small portion of the market, while euro-pegged tokens remain a niche segment.

Regulation has recently given the asset class a tailwind. Just over a year ago, US President Donald Trump signed a law to regulate stablecoins. Even so, market data has not followed that momentum. Since the start of 2026, total market capitalization has continued to stagnate, and Visa’s usage data also shows a cooling of transaction volumes in 2026 after growth since mid-2023. A regulatory breakthrough has not, by itself, translated into higher volume. Against that backdrop, Revolut is entering a market that is no longer expanding, while relying on access to its 80 million customers rather than on market growth alone.