- Revolut is launching the euro‑pegged EURR stablecoin issued by Bridge later this year on its mobile app in the EU.
- The digital financial platform is delisting Tether’s USDT on August 31 for its failure to comply with MiCA rules.
The European Union’s (EU) full enforcement of the Markets in Crypto Assets (MiCA) regulation continues to shake up the European Economic Area (EEA) digital asset market. The exodus of many non‑compliant crypto powerhouses is opening new opportunities for those willing to play ball with the new rules.
Revolut, a British multinational digital financial platform and licensed bank, is now leveraging its advantage as a MiCA‑compliant entity to launch its entry into the burgeoning stablecoin market, starting with the EURR. Meanwhile, the company is moving to delist Tether’s USDT for EU users by the end of August because it failed to comply with the new EU crypto asset regulations.
EURR Launch on the Revolut App
On Wednesday, Revolut announced that it’s rolling out the EURR on the Revolut app in the EU. The stablecoin is the company’s first euro‑backed stablecoin offering, which is pegged and redeemable 1:1 with its underlying asset.
Each unit of EURR maintains a stable value of €1. Under MiCA regulations, the stablecoin is 100% backed by reserves held and managed by its EU‑licensed issuer, Bridge Building SA. The entity is the Luxembourg‑registered arm of Stripe’s Bridge stablecoin infrastructure.
Revolut’s primary role in EURR lies in its distribution and consumer app integration. It acts as its user‑facing gateway, connecting its consumer base to on‑chain finance.
“EURR will give eligible customers an on‑chain rail to move more easily between euros, crypto, external wallets, and supported blockchain networks,” said Revolut in its announcement.
Revolut has yet to reveal the exact launch date of EURR. Nonetheless, it claimed it would be “later this year.” In relation to this, the company recently launched a new web portal that will notify users once it launches.
The institution claimed, “EURR is only the beginning.” It revealed plans to launch other stablecoins pegged to other currencies in the future.
Revolut Delisting Tether’s USDT
Revolut has already enforced restrictions on USDT purchases in early July after MiCA’s grace period expired. It halted deposits in the stablecoin by the end of the same month due to Tether’s failure to comply with MiCA standards.
By August 31, Revolut will cease support for Tether’s flagship stablecoin. It will automatically convert users’ leftover tokens into fiat currency.
Despite its huge setback in Europe, USDT remains the most dominant stablecoin in the market. It accounts for more than 58% of its segment, with a market cap of approximately $183.2 billion.
