Revolut launches EURR stablecoin as Tether exits European market under MiCA rules

Revolut, the European fintech with over 80 million users, started offering EURR – a euro‑denominated stablecoin – to customers in Denmark, Poland and Portugal on August 26, 2026. The rollout follows the removal of Tether’s USDT from every MiCA‑licensed exchange in the European Economic Area (EEA) after the token failed to obtain e‑money token authorization.

Regulatory backdrop

MiCA (Markets in Crypto‑Assets) requires stablecoin issuers to hold at least 60 % of reserves in bank deposits at EU credit institutions. Tether declined to apply for the required authorization, objecting to the deposit requirement, and its USDT trading pairs were delisted from Binance, Coinbase, Kraken and other regulated European platforms on July 1, 2026.

EURR’s structure and distribution

EURR is issued by Bridge Building S.A., the Luxembourg entity of Bridge – a stablecoin infrastructure firm acquired by Stripe in 2024. Bridge manages token issuance, reserve backing and MiCA compliance, while Revolut provides the customer‑facing distribution channel. The token launched on Ethereum with plans to expand to additional blockchains and is backed 1:1 by euro reserves held in accordance with MiCA rules.

Market impact

• The global stablecoin market totals $316 billion; USDT holds 59 % ($186 billion) and USDC 23 % ($75 billion).
• USDC has overtaken USDT in annual transaction volume ($18.3 trillion vs $13.3 trillion).
• Only three stablecoins meet MiCA requirements: Circle’s USDC and EURC, and Paxos‑linked USDG.
• Revolut’s 50 million European customers and 16 million crypto users give EURR a potential reach far larger than any existing euro stablecoin.

Why Tether left Europe

Tether’s reserves are heavily weighted toward U.S. Treasury bills, which yield around 4.5 % annually. Shifting 60 % of its $186 billion reserve base into EU bank deposits would cut yield income by an estimated $2–3 billion per year, while the European market represents less than 10 % of USDT’s global usage. The company chose to preserve profitability over compliance.

Competitive landscape

With USDT excluded, Circle’s USDC and EURC dominate regulated European exchanges, giving Circle a near‑monopoly on compliant stablecoins. EURR’s entry adds a euro‑denominated option and leverages Revolut’s massive user base, potentially diversifying the market.