Revolut launches EURR euro stablecoin: Why is Germany not in the first batch?

Revolut launches first euro stablecoin: What is EURR and its impact on German users

Revolut launched its first own euro stablecoin on August 26, 2026. The stablecoin, called EURR, is designed to be permanently equivalent to 1 euro and will be first opened to selected customers in Denmark, Poland and Portugal. Germany is not within the scope of the first wave of promotion. This has no impact on your current balance, but it does affect your planning: the European Economic Area (EEA) deadline for Tether (USDT) is August 31, 2026, and the alternative Revolut is building is not yet available in your country.

This article will explain the ins and outs of EURR, the entity that actually issued the token, its legal status, and two dates that will be crucial for German Revolut customers in the coming days.

Revolut EURR Detailed explanation: What is this new euro stablecoin?

A stablecoin is a token whose value is pegged to a certain legal tender. The pegging is maintained by holding reserves. EURR is pegged to the euro at a 1:1 ratio and appears in the Revolut app with other crypto assets.

According to the release details, there is no price difference or handling fee for conversions between euro balances and EURR. Existing transaction and transfer limits for each account will continue to apply. Some customers will also be able to send the token to an external wallet; the company says this feature will be gradually expanded with liquidity support.

Emil Urmanshin, head of Revolut's crypto business, described the release as the company combining its size with its banking license to provide instant access to euro tokens. This is a provider's statement of its own products and is not an independent assessment.

Revolut said it has approximately 80 million customers worldwide. More than 16 million of these users use the app's encryption feature. This coverage is the real difference between it and the euro tokens seen today: most euro tokens exist in trading applications, while EURR exists in daily applications.

Bridge Building S.A. As issuer: The real entity behind EURR

The token is distributed by Revolut, but issued by another company. The issuer is Bridge Building S.A. in Luxembourg, Belonging to Bridge Company. Bridge, a stablecoin infrastructure provider, was acquired by payment processor Stripe for US$1.1 billion in October 2024; the acquisition was completed in February 2025.

The issuer is regulated by the Luxembourg financial regulator CSSF. Based on available information, the regulator included the company in two authorizations: as an electronic money institution (number W0000024) and as a crypto asset service provider (number N0000012). The European Bridge subsidiary received MiCA authorization as an issuer of electronic money at the end of July 2026, approximately four weeks before its launch.

In terms of distribution, Revolut Digital Assets Europe Ltd (headquartered in Cyprus and regulated by local regulator CySEC as a crypto asset service provider) appears as the only designated distribution partner in the release.

This separation is not formal. It determines who to turn to when you want to convert EURR back into actual euros, and who holds the reserves behind it. Anyone who has inquired which companies are allowed to issue stablecoins in Europe will see the same structure in our analysis of the MiCA stablecoin issuer registry.

Electronic currency tokens under MiCA: Impact of legal status on your balance

EURR is classified as an electronic currency token under EU MiCA regulations. Electronic currency tokens are crypto-assets that track the value of a single official currency, and their issuers require special authorization for this purpose. This is the stricter of the two stablecoin categories in MiCA, so issuers need e-money licenses rather than just registration.

This status brings two outcomes that directly affect you. First, issuers must hold reserves of equal value and keep them separate from their own assets. Secondly, you have the right to return the token at face value at any time. These two points are at the core of MiCA's requirements for euro tokens.

We have analyzed in detail how this configuration differs from central bank digital currencies elsewhere: the difference between digital euros and stablecoins is not technology, but who is responsible at critical times.

The balance you see in the app is supported by a different source from the funds in your checking account.

No deposit insurance: Why EURR is not a bank deposit

For your funds, one sentence in the terms is the most important: EURR is not a bank deposit. According to the product information, the holder does not enjoy the protection provided by deposit insurance for the balance of a current account.

For e-currency tokens, this is the rule rather than the exception. The EU's statutory deposit insurance covers deposits held by credit institutions. An e-money institution uses different protection mechanisms: it must separate and hold client funds separately so that in the worst case it does not end up in the bankruptcy estate. Therefore, protection comes from asset sequestration rather than guaranteed funds with fixed compensation limits.

What this actually means to your balance

This does not change much in daily use, but it is crucial to the question of how many tokens you should hold. Euro tokens can serve as a "parking lot" or payment tool between two trading decisions, but they cannot replace reserve accounts. In another article, we compiled criteria to help make judgments: when to treat stablecoins as cash and when not to.

If you are concerned about the authorizations held by locations where such tokens are stored, our overview of regulated cryptocurrency exchanges lists providers that hold European licenses.

Denmark, Poland, Portugal: Why Germany is not among the first wave of promotion

According to the company, the three launch countries were selected based on the size of their respective customer bases. Other markets in the European Economic Area will follow suit in 2026, clearly depending on product, operational and regulatory readiness.

This left Germany with an uncertain date. This is not surprising on its own, but it becomes important since the hard deadline for another token expires in the same week. The timetable for replacements is not synchronized with the timetable for removal.

August 31 USDT Deadline: What German Revolut customers must now check

Revolut has removed Tether (USDT) from eligible accounts in the European Economic Area and Switzerland. Purchases have stopped on July 6, 2026. Affected customers can sell or withdraw their USDT holdings before August 31, 2026. After that, the remaining USDTs will be converted in the corresponding currency of the account.

This leaves two tasks that can be dealt with today. First, check if there are any USDT balances in your Revolut account, including any changes left after redemption. Second, decide whether to sell it yourself, transfer the funds to your own wallet or another exchange, or let the automatic conversion occur.

We detailed the deadline and the legal consequences of the mandatory conversion when the deadline was announced in August: Revolut will be removed from the USDT on August 31. Today's EURR launch does not change this deadline, as the new tokens are not yet available in Germany.

Forced conversions and taxes: Why automatic conversions count as a sale

When a platform converts one asset into another currency on its own, it is not a neutral event from a tax perspective. Under German tax law, this constitutes a disposal, just like a sale initiated by you yourself. The moment of transformation is the moment of disposal.

For tokens pegged to the dollar, the gain relative to the purchase price is usually small because the value remains almost unchanged. But small is not equal to zero: the exchange rate between the euro and the dollar does fluctuate, and it is this difference that can generate taxable gains or losses.

Focus on purchase date and holding period

Documentation is more important than the amount. Forced conversion generates an event in your trading history that you need to explain later, and it sets a new purchase date for the amount you receive. So please download your trading history before the deadline, rather than waiting until next spring. A portfolio tracking tool with tax capabilities can help you complete the collection, provided the data is exported cleanly.

A note on order: People who liquidate their own positions can choose their own timing and target value. Those who let the deadline pass are assigned both.

Let the conversion deadline pass and you get a clearing instead of the exchange you choose.

374 EURRs in circulation: What liquidity does issue size reveal

At the time of launch, EURR was small. According to the Reserve Report, as of August 20, 2026, there were exactly 374 tokens in circulation, matching the 374 euro deposits placed in credit institutions. This is not a criticism of the product, but the normal status of the token that has just been launched to selected groups.

However, this number has practical significance. Low liquidity supply means low liquidity outside of token issuance applications. As long as EURR is largely circulated within Revolut, the reliable way back to the actual euro is through the issuer rather than selling it on the open market.

Euro stablecoins in the market: How much does EURC lead EURR?

At the time of release, there was a huge gap compared with mature euro tokens. On the same reference date (August 20, 2026), Circle's EURC had approximately € 403.1 million in circulation on the five networks, equivalent to approximately US$470.1 million. Compared to 374 EURRs, this is millions of times worse.

For you as a user, this means two things. Euro tokens with a large circulation supply can be exchanged in more places and can be converted back to fiat more quickly at critical moments. Euro tokens with a small supply in circulation but located in large applications can quickly narrow the gap if the promotion plan goes smoothly. Which of the two effects will win is uncertain today. Anyone who claims to know is using numbers that do not yet exist.

Ethereum, Polygon, Solana: The chain EURR plans to run

There are differences in the release information on which blockchains EURR can be used, and we will not cover it up here. Some releases only mentioned Ethereum, others mentioned Ethereum and Polygon, and the third group added Solana. The consensus is that Ethereum takes precedence, and other networks will follow suit one after another.

Arbitrum, Optimism, Avalanche, Effective, TON and Sui are listed as subsequent stages; up to eight networks are mentioned in total. Before withdrawing tokens to your own address, be sure to check in the app which network is actually provided. Sending tokens to the wrong chain is the most common and annoying mistake people make when transferring balances.

Redemption at par: How MiCA redemption rights work

Redemption rights are the core of e-money tokens. You can return your EURR to the issuer at face value (1 token for 1 euro). Based on product information, this redemption is made through the authorized issuer and depends on its deposit process and regulatory requirements.

This sentence is more important than it sounds. Within the app, the path back to the euro is convenient. Anyone who transfers tokens to an external address and wishes to redeem them there needs to face the issuer directly as a customer and pass its inspection. This is allowed and stipulated by MiCA, but it is slower than a tap of your finger.

How much European rules for such tokens may change in the coming months depends on continued review of regulations. Our article on the MiCA review and proposed changes covers the progress.

Address Freeze and No Interest: Conditions Attached to EURR

Two attributes of the token are part of any dispassionate assessment. EURR does not generate revenue for the holder. This is not a provider's choice to its customers, but a requirement: MiCA prohibits issuers from paying interest on e-currency tokens. Anyone seeking a return will not find it in the euro stablecoin.

Secondly, the issuer reserves the right to freeze the address if illegal use is suspected. This is also common for regulated tokens and is the other side of authorization: issued under supervision must be able to respond to orders. Therefore, euro tokens are a different tool than unissuer cryptocurrencies, and this difference should be included in any decision about where large amounts of money are kept.

What does this mean for storage

If you hold large amounts of tokens that can be frozen by the issuer, spreading them among multiple storage methods is not excessive. Our software wallet overview lists which wallet types are available and the differences between them.

Checking Revolut EURR: Summary of Points

Check your Revolut account today to see if there are any USDT balances left.

Deadline is August 31, 2026. If you want to make your own decisions about when and where you go, please sell or withdraw your funds yourself. If you would prefer to transfer funds to a platform that holds a European license, our overview of regulated cryptocurrency exchanges can help you make your choice.

Download your trading history before the deadline passes.

Automatic conversion is a disposal in the tax sense, and evidence needs to be provided later. A tax and portfolio tool can correctly allocate events, provided that the raw data is complete.

Don't use EURR until it is actually launched in Germany.

Promotion plans without specific dates do not mean they are available. When the time is right, check the issuer, redemption process and network provided first, and then consider which portion of your balance should be placed in tokens. For out-of-app storage, the wallet overview is worth a look.