Revolut Launches Euro-Backed Stablecoin to Enter Digital Money Market

By Michael HennesseyRevolut launched a euro-backed stablecoin as the fintech looks to develop its digital money offering.The digital bank said Wednesday that EURR, issued by Stripe subsidiary Bridge, will initially be available to eligible customers in Denmark, Poland and Portugal.Revolut said the move is the next step in its becoming a bridge between traditional currency and crypto.The company said it believes stablecoins--a type of cryptocurrency designed to keep a fixed value by being pegged to a real-world asset--could support more use cases in the future, including in international transfers and business transactions.Revolut's EURR stablecoin is designed to maintain a value of 1 euro ($1.17) and is backed by reserves held and managed by the issuer.A broader rollout of the stablecoin across the European Economic Area and other denominated currencies is expected later this year, Revolut said.Write to Michael Hennessey at [email protected]