Weekly Review: Revolut Launches Euro Stablecoin; IG Faces Outage

Revolut has entered the euro stablecoin market with EURR, a token that became publicly available on 20 August and is backed one-for-one by euro-denominated reserves. The coin is legally issued by Luxembourg-based Bridge Building S.A., a Stripe-owned company regulated as an electronic money institution and crypto-asset service provider, while Revolut distributes it through its app and Revolut X. EURR initially runs on Ethereum and Polygon, giving the group a live euro product under the EU's MiCA framework. Bridge's reserve dashboard showed only EUR 374 in circulation at the time of checking, far below established rivals such as Circle's EURC.

IG Group moved to contain a technical failure that blocked account access on its web and mobile platforms shortly before and around the US market open. Clients in the UK, Ireland, Singapore and Australia reported being unable to log in, with some flagging issues across multiple browsers and devices, while the broker's main website stayed online. IG later confirmed the incident primarily affected client logins and said it had been fully resolved. The disruption followed similar recent access problems reported at Interactive Brokers and other firms.

Regulatory and licensing developments

CySEC reached a EUR 100,000 settlement with RoboMarkets Ltd over possible breaches of investment services rules, including restrictions on marketing, distributing and selling CFDs to retail clients. The regulator said the settlement has been paid, and that its review also covered organisational requirements, client information and product appropriateness procedures. CySEC did not detail the practices behind the possible violations. The case follows a 2023 intervention in which RoboMarkets was told to stop offering non-monetary rewards such as race tickets and branded merchandise to retail CFD clients.

In Malta, the MFSA accepted Triton Capital Markets Ltd's voluntary surrender of its investment services licence, ending the former FXDD Malta broker's authorisation after 16 years. The regulator said the withdrawal did not stem from regulatory action. The entity ceased to be licensed on 25 August, closing off MiFID passporting across the EEA, and the move does not affect FXDD-branded entities elsewhere.

Australia's ASIC will consult in the fourth quarter on amending and extending its CFD product intervention order before it expires on 23 May 2027. Current rules cap leverage at 30:1 for major FX pairs and 2:1 for crypto CFDs, and require margin close-out, negative balance protection, standardised risk warnings and curbs on certain inducements. Ministerial approval is planned for the first quarter of 2027. ASIC and APRA also urged firms to pre-assign decision-making authority and recovery priorities ahead of an AI-enabled cyberattack, following nine roundtables with more than 600 participants from over 380 entities.

Results and capital returns

Dukascopy Bank reported a 58% drop in consolidated first-half profit to CHF 1.38 million, as a 25% fall in trading income to CHF 8.77 million and a 33% decline in net interest income outweighed a 37% rise in net commission income to CHF 2.33 million. Customer deposits rose 25% from December to CHF 239.29 million, and total assets climbed 19% to CHF 309.50 million. Separately, Plus500 began a USD 100 million buyback, its second of that size in 2026, part of a USD 182.5 million shareholder return package.