Revolut is doubling down on stablecoins.
Revolut has officially announced that it is ready to launch its own EURR Euro-backed stablecoin. This is in collaboration with Bridge as the stablecoin issuer.
Main regions it is going after are Portugal, Poland, and Denmark.
The company initially released an update earlier on in the month describing the upcoming plans.
Revolut Banking and Stablecoins
Revolut is continuing to adopt stablecoins.
This follows on from their announcements offering 1:1 stablecoin swaps last year, as well as more recent developments around their presence in the US.
As one of the largest privately-held companies, this marks a large shift in the stablecoin narrative.
The team is currently valued at $115B in the private markets. A potential IPO may be planned in the coming months with a even higher valuation, depending on leadership’s decisions.
Revolut passed 80M customers worldwide, having grown from 75M in just 3 months. According to their published report, they are growing at 1M users every 100 days.
By launching their own stablecoin Revolut is optimizing transfers for local customers around Europe.
The Euro stablecoin market is around $770M per DefiLlama – still a fraction of U.S. Dollar stablecoins.
Because they own the distribution it’s expected that this expands to more regions as time goes on.
If EURR goes well, it gives them a strategic advantage to optimize internal settlement and cater to customer in developing nations who prefer to pay with stablecoins.
However, it remains to be seen how they will manage self-custody aspect of balance withdrawals.
Also, there may be some confusion with the branding as EURR is also a stablecoin issued by StablR, which suffered an incident earlier in the summer.
