3 Things to Know About Revolut’s New Euro Stablecoin
Revolut started rolling out EURR, its first euro-denominated stablecoin, on August 26. The launch begins with chosen prospects in Portugal, Poland and Denmark, with wider EEA availability deliberate later this yr.
But for European customers, the plain query is why use EURR when (*3*) — or when customers can merely hold euros of their account?
Three Things We Know About Revolut’s New Stablecoin
Revolut doesn’t really concern EURR. Bridge Building S.A., a Luxembourg-regulated firm owned by Stripe’s Bridge, points the token. Holders can redeem EURR with Bridge at €1 per token.
Also, its clearest distinction from USDC is foreign money publicity. USDC tracks the US greenback, so its worth in euros strikes with EUR/USD. EURR tracks the euro, letting customers transfer euro-denominated worth onto Ethereum or Polygon with out first taking greenback publicity.
However, that is nonetheless a tiny rollout. Bridge’s reserve web page confirmed simply 374 EURR in circulation at launch, backed by €374 in money deposits. That makes EURR nearer to a managed pilot than a longtime rival to USDC.
Note: Stablecoins have change into essentially the most in-demand product for banking platforms. In truth, 39 US banking groups are currently developing their own stablecoin network.
What Revolut Still Hasn’t Explained
The greatest unanswered query is why the common Revolut buyer ought to use EURR in any respect.
Revolut says EURR will join fiat, crypto, exterior wallets and blockchains. But it has not introduced a transparent pricing benefit over USDC.
Its present payment schedule already permits supported fiat-to-stablecoin conversions with out transaction charges inside sure plan limits.
It can be unclear whether or not EURR withdrawals might be cheaper than USDC, the place exterior liquidity will come from, or whether or not Revolut will add cost or rewards options.
For now, EURR solves one clear downside. It lets Europeans take euros on-chain with out changing them into digital {dollars}.
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