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Revolut has launched its first stablecoin as part of plans to expand its cryptocurrency services.
The euro-denominated token, called EURR, is designed to maintain a value of €1.
It is issued by payments infrastructure provider Bridge and integrated into the Revolut app.
Eligible customers can use EURR across supported crypto services, external wallets and blockchain networks.
The token offers a euro-based alternative to stablecoins pegged to the US dollar.
Revolut will begin rolling out EURR in phases this month, starting with customers in Denmark, Poland and Portugal.
The company plans to expand availability to other markets and introduce stablecoins denominated in additional currencies.
The launch follows Revolut’s expansion across payments, crypto and other financial services.
The company reports more than 80 million customers in over 40 markets.
EURR is an e-money token issued by Bridge Building S.A., which is regulated by Luxembourg’s Commission de Surveillance du Secteur Financier as an electronic money institution and crypto asset service provider under the Markets in Crypto-Assets Regulation.
Revolut Digital Assets Europe Ltd will offer the token.
The entity is regulated as a crypto asset service provider by the Cyprus Securities and Exchange Commission.
Featured image: Edited by Fintech News Singapore, based on image by Revolut via LinkedIn
