Revolut has launched Euro-pegged stablecoin as payment firms and banks broaden their digital currency offerings for payments and transfers.
The stablecoin, called EURR, is designed to maintain a stable value of €1.00. The token can be used across supported crypto services, external wallets and supported blockchain networks.
The e-money token (EMT) is issued by Bridge Building, a MiCA-registered crypto-asset service provider (CASP) owned by Stripe's stablecoin infrastructure subsidiary. It will be offered through Revolut Digital Assets Europe.
In a post on LinkedIn, the UK fintech confirmed that a phased rollout of EURR would start this month. The token will initially be available to eligible customers in Denmark, Poland and Portugal.
"Unlike most stablecoins, which are pegged to the US dollar, EURR gives eligible customers a euro-based alternative without taking on US dollar exposure," Revolut said in the post.
Revolut plans to extend EURR to customers in other European Economic Area (EEA) markets later this year, Bloomberg reported. The stablecoin will be integrated into the Revolut app, allowing users to move between euros and crypto on-chain.
According to the company, Revolut app is used by more than 80 million customers for services including payments and crypto, across more than 40 markets.
Revolut is entering a segment where multiple payment companies and banks have announced stablecoin initiatives, including Visa and Klarna Group.
Western Union has also introduced a US dollar-denominated payment stablecoin called USDPT this year.
"Revolut debuts Euro-pegged stablecoin" was originally created and published by Electronic Payments International, a GlobalData owned brand.