EURR Stablecoin Expands as MiCA Reshapes Euro Liquidity

Revolut launched its EURR stablecoin as a controlled pilot on Ethereum, initially serving eligible customers in Denmark, Poland and Portugal. The token is pegged 1:1 to the euro, backed by cash reserves in segregated accounts and issued by Luxembourg-regulated Bridge Building S.A. under the EU’s MiCA framework. Polygon support was initially planned and was later included in the rollout. Early supply was negligible, with Bridge’s reserve dashboard showing about €369 in circulation on 27 August. By 28 August, reported circulation had reached 250,961 EURR, backed by roughly €250,961 in reserves. Thirty-day transfer volume stood near $585,800, while market capitalisation was about $290,000. The figures indicate early adoption but limited liquidity and market depth. Revolut plans to expand EURR across the European Economic Area later this year, adding blockchain networks and improving external-wallet support. The rollout is occurring as Revolut prepares to remove Tether’s USDT from the EEA and Switzerland by 31 August, following MiCA-related compliance requirements. Although Revolut has more than 80 million retail customers and over 16 million crypto users, the initial EURR distribution covers about two million customers. EURR competes with Circle’s EURC, which has a market capitalisation of roughly €394 million. Euro stablecoins could improve on-chain euro liquidity and reduce reliance on dollar-based tokens. Longer term, ECB initiatives such as Pontes and Appia, alongside a potential digital euro launch from 2029, could provide institutional settlement, standards and public payment infrastructure. For traders, EURR is strategically important but its immediate price and liquidity impact should remain limited.