Revolut Launches Euro Stablecoin With Only EUR 374 in Circulation

Revolut has begun offering EURR, a euro-backed stablecoin, through its retail app and its Revolut X platform, according to regulatory disclosures and the Markets in Crypto-Assets (MiCA) white paper published by the token's issuer. The public offer started on August 20. Bridge's reserve dashboard, last updated on Tuesday evening, showed only 374 tokens in circulation backed by EUR 374 in cash reserves — a supply far below established euro tokens. Bloomberg first reported the launch on Wednesday.

Bridge Is the Legal Issuer

Luxembourg-based Bridge Building S.A. is the legal issuer, not Revolut. The Commission de Surveillance du Secteur Financier (CSSF) supervises Bridge as an electronic money institution under licence W00000024 and as a crypto-asset service provider under licence N00000012. Revolut Digital Assets Europe Ltd is named in the white paper as the sole distributor, while the token itself carries the Revolut Euro brand. Stripe completed its purchase of Bridge in February 2025; the deal had been reported at $1.1 billion when it was agreed in 2024.

EURR currently operates on Ethereum and Polygon, with Solana, Arbitrum, Optimism, Avalanche, Injective, TON and Sui listed as planned networks. Bridge reported that cash deposits at credit institutions accounted for the entire EUR 374 of reserves, with no allocation to highly liquid financial instruments. The white paper states that an independent accounting firm will confirm monthly that reserves match or exceed tokens circulating in the European Economic Area, though the auditor is not identified. Holders have a legal claim on Bridge and can redeem at par without a fee after passing compliance checks and providing an EEA bank account with a valid IBAN; Bridge says transfers will settle within two business days. The token pays no interest to holders, and Bridge can freeze addresses tied to suspected illegal activity or where authorities require it.

The launch places EURR well behind competing regulated euro tokens. Circle launched EURC on Ethereum in June 2022 and won MiCA authorisation in July 2024, and reported EUR 403.1 million (about $470.1 million) of EURC in circulation on August 20 across Avalanche, Base, Ethereum, Solana and Stellar. Germany's AllUnity, a joint venture of DWS, Flow Traders and Galaxy, added EURAU in July 2025 after obtaining a BaFin electronic money institution licence. Qivalis said in May that 37 European banks, including BNP Paribas, ING, UniCredit and BBVA, had joined its project, which targets a MiCA-compliant euro stablecoin in the second half of 2026 subject to Dutch central bank authorisation.

EURR has no maximum supply; issuance will track demand from EEA customers, with Bridge required to hold one euro or an equivalent amount of euro-denominated assets per token. Bridge must file recovery and redemption plans with the CSSF within six months of making EURR available, and the framework may permit temporary redemption limits, liquidity fees or suspended redemptions under market stress.