Fintech company Revolut launched EURR, a stablecoin pegged to the euro, on August 26. Customers in Denmark, Poland, and Portugal were the first to gain access to the token. The company plans to make the asset available to users in other European Economic Area countries in the future. According to Bloomberg, Revolut also plans to expand its stablecoin lineup to include other currencies.
The token is built into the Revolut app, where it can be used for on-chain transfers between euros and crypto assets. The company also plans to make the token available across multiple blockchain networks and for use with external wallets.
Bridge, an infrastructure company owned by Stripe, is issuing the new stablecoin. It is also responsible for holding and managing the reserves backing the token.
Revolut is entering a market where major players are already developing their own stablecoins. Over the past year, Visa, Klarna, and several international banks have announced similar projects.
USDT, issued by Tether, and USDC, issued by Circle, dominate the market. Together, they account for around 85% of stablecoins currently in circulation. Stablecoins pegged to the euro still make up only a small share of the market.