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Revolut is launching EURR not to compete on stablecoin design but on distribution, betting that a euro token embedded in an app already used by 80M customers beats anything a crypto-native issuer can build from scratch, a wager that puts Circle’s EURC on notice well before the token even leaves its three-country pilot.
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In Today’s Edition:
**Headline:Revolut Rolls Out EURR StablecoinQuick Bites:Shinhan to Use Visa’s Stablecoin PlatformYield of the Week:**EURCV Prime’s 19.21% APY
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HEADLINE
**State of play: **Revolut has begun a phased rollout of EURR, its first euro-pegged stablecoin, to select customers in Denmark, Poland, and Portugal, with EEA-wide expansion and additional currency-denominated tokens planned later this year.
EURR is issued by Bridge Building S.A., a Stripe-owned subsidiary, and backed by reserves held under MiCA requirements to maintain a €1 peg.
The token integrates directly into Revolut’s retail app, letting eligible customers move between euros and crypto across multiple blockchains and external wallets.
Revolut’s Emil Urmanshin framed EURR as connecting 80 million customers to onchain finance at a scale no bank or crypto-native competitor can match.
The launch follows Revolut’s July move connecting its Revolut X exchange to AI assistants including Claude and Gemini for natural-language trading.
Revolut is separately building out banking infrastructure, including a UK bank launched in March and a planned US bank that will offer stablecoin services.
**What’s Next: **Revolut plans EEA-wide expansion of EURR later this year alongside additional currency-pegged stablecoins.
**Why it Matters: **With 80M customers, Revolut can distribute a euro stablecoin at a scale most crypto-native issuers can’t match, putting it in direct competition with Circle’s EURC.
**Our Take: **Revolut’s advantage isn’t the stablecoin itself but the existing app and user base, a distribution edge that pure-play issuers will struggle to replicate no matter how compliant their reserves are.
QUICK BITES
ECBclaimsdigital euro will offer ‘maximum level of privacy’.BAbacksTreasury’s proposed GENIUS Act rules for stablecoin issuers.World Liberty FinancialUSD1 natively on Canton Network.launchesShinhanto useVisa’s stablecoin platform for ‘future finance’ initiatives.Revolutbeginsphased EURR stablecoin rollout in Denmark, Poland and Portugal.
YIELD OF THE WEEK
The vaultaccepts EURCV deposits and optimizes Euro-based yields by lending against BTC, wstETH, and Euro-denominated RWA collateral, with ~$124.1k in total deposits and minimal available liquidity at 99.11% utilization.Capital is almost entirely deployed into LBTC/EURCV (~106.52k EURCV at 99.11% utilization), with additional markets for wstETH, WBTC, EUTBL, and USDC available but currently unallocated.
Yield is generated from lending demand against LBTC collateral at 21.05% market APY, net of an 8% performance fee.
The vaultaccepts PYUSD deposits and lends against blue-chip crypto and RWA collateral markets, with ~$250.48k in total deposits and ~$12.96k in available liquidity.Capital is allocated across wstETH/PYUSD (~$107.33k, 43.32% at 94.45% utilization), PAXG/PYUSD (~$102.07k, 41.19% at 94.21% utilization), and WBTC/PYUSD (~$38.39k, 15.49% at 93.73% utilization).
Yield is generated from lending demand across blue-chip collateral markets, with individual market APYs ranging from 9.02% to 11.12%, at 0% management and performance fees.
The vaultaccepts USDC deposits and continuously rebalances across incentive-rich Morpho markets on Ethereum with strict caps to preserve liquidity, with ~$7.98M in total deposits and ~$3.32M in available liquidity.Capital is primarily deployed into savUSD/USDC (~$4.64M, 51.73% at 93.44% utilization), with additional allocations to siUSD/USDC (~$1.45M), weETH/USDC (~$1.23M), srRoyUSDC/USDC (~$1.20M), and ftUSD/USDC (~$449k).
Yield is generated from lending demand across diversified collateral markets, with individual market APYs ranging from 1.39% to 14.14%, at 0% management and performance fees.
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