Revolut Launches the EURR Euro Stablecoin: Why Germany Is Not in the First Wave

Revolut launched its first own euro stablecoin on August 26, 2026. It is called EURR, is designed to be worth one euro permanently, and is going first to selected customers in Denmark, Poland and Portugal. Germany is not part of this first wave. Nothing changes for your balance today, but something does change for your planning: the deadline for Tether (USDT) in the European Economic Area ends on August 31, 2026, and the replacement Revolut is building for it has not yet arrived in your country.

This article sets out what lies behind EURR, who actually issues the token, what legal status it carries, and which two dates matter for German Revolut customers over the coming days.

Revolut EURR Explained: What the New Euro Stablecoin Is

A stablecoin is a token whose value is pegged to a currency and which is meant to hold that peg through reserves held against it. EURR is pegged to the euro at a ratio of one to one, and it sits in the Revolut app alongside the other crypto assets.

According to the launch details, exchanging between euro balances and EURR carries neither a spread nor a fee. The existing trading and transfer limits of each account continue to apply. Some customers will also be able to send the token to external wallets; the company says this function will be extended step by step as liquidity supports it.

Emil Urmanshin, who runs the crypto business at Revolut, framed the launch as the company combining its scale and its banking licences with instant access to a euro token. That is a statement by the provider about its own product, not an independent assessment.

Revolut says it has around 80 million customers worldwide. More than 16 million of them use the app's crypto functions. That reach is the real difference from the euro tokens seen so far: most of those sit inside trading applications, while EURR sits inside an everyday app.

Bridge Building S.A. as Issuer: Who Really Stands Behind EURR

The token carries Revolut's distribution, but it is issued by a different company. The issuer is Luxembourg-based Bridge Building S.A., a company belonging to Bridge. Bridge is a provider of stablecoin infrastructure that the payment processor Stripe acquired in October 2024 for 1.1 billion dollars; the purchase closed in February 2025.

The issuer is supervised by the Luxembourg financial regulator CSSF. On the information available, the authority lists the company with two authorisations: as an e-money institution under number W00000024 and as a crypto-asset service provider under N00000012. The European Bridge subsidiary received its MiCA authorisation as an e-money issuer at the end of July 2026, a good four weeks before the launch.

On the distribution side stands Revolut Digital Assets Europe Ltd, based in Cyprus and supervised by the local regulator CySEC as a crypto-asset service provider. It appears in the launch publications as the only named distribution partner.

This split is not a formality. It determines whom you turn to when you want to redeem your EURR for actual euros, and whose reserves stand behind that. Anyone who has already looked up which firms are even permitted to issue stablecoins in Europe will recognise the same structure in our analysis of the MiCA register of stablecoin issuers.

E-Money Token Under MiCA: What the Legal Status Means for Your Balance

Under the EU's MiCA regulation, EURR is classified as an e-money token. An e-money token is a crypto asset that tracks the value of exactly one official currency and whose issuer requires a dedicated authorisation for it. This is the stricter of the two stablecoin categories in MiCA, and the reason the issuer needs an e-money licence rather than merely a registration.

Two things follow from that status that affect you directly. First, the issuer must hold the equivalent value in reserve and keep it segregated from its own assets. Second, you have a right to return your tokens at par value at any time. Both are the core of what MiCA demands of a euro token.

We have taken apart in detail elsewhere how this construction differs from the central bank's digital euro: the difference between the digital euro and a stablecoin lies not in the technology but in the question of who is liable when it matters.

No Deposit Insurance: Why EURR Is Not a Bank Deposit

For your money, one sentence from the terms counts for most: EURR is not a bank deposit. According to the product information, holders do not enjoy the protection that deposit insurance provides for balances in a current account.

With e-money tokens that is the rule rather than a special case. Statutory deposit insurance in the EU covers deposits held at credit institutions. An e-money institution works with a different protective mechanism: it has to separate customer funds and hold them apart so that they do not fall into the estate if the worst happens. The protection therefore comes from the segregation of assets rather than from a guarantee fund with a fixed coverage limit.

What This Means for Your Balance in Practice

For everyday use that changes little, but it matters a great deal for the question of how large a holding should be. A euro token works as a parking space between two trading decisions, or as a means of payment; it is no substitute for an account holding a reserve. We have collected the criteria that help here in a separate piece: when to treat a stablecoin as cash and when not to.

If you pay attention to the authorisation held by the venue where you keep such tokens, our overview of regulated crypto exchanges lists the providers holding a European permission.

Denmark, Poland, Portugal: Why Germany Is Missing From the First Wave

The three launch countries were chosen by the size of the respective customer base, according to the company. Further markets in the European Economic Area are set to follow during 2026, explicitly subject to product, operational and regulatory readiness.

That leaves no fixed date for Germany. On its own that would be unremarkable, but it becomes relevant because a hard deadline for a different token expires in the same week. The timetable for the replacement and the timetable for the removal are not running in step.

USDT Deadline on August 31: What Revolut Customers in Germany Must Check Now

Revolut has removed Tether (USDT) from eligible accounts in the European Economic Area and in Switzerland. Purchases were already discontinued on July 6, 2026. Affected customers can sell or withdraw their holdings until August 31, 2026. After that, remaining holdings will be converted into the respective account currency.

That leaves two tasks, and both can be dealt with today. First, check whether there is any USDT left in your Revolut account at all; that includes residual amounts left over from an exchange. Second, decide whether you sell yourself, move the holding to your own wallet or another exchange, or let the automatic conversion happen.

We wrote up the details of this deadline and the legal consequences of the forced conversion when it was announced in August: Revolut is dropping USDT on August 31. Today's EURR launch changes nothing about that deadline, because the new token is not yet available in Germany.

Forced Conversion and Tax: Why the Automatic Swap Counts as a Sale

When a platform converts a holding into another currency on its own initiative, that is not a neutral event for tax purposes. From the perspective of German tax law it constitutes a disposal, just like a sale you trigger yourself. The moment of conversion is then the moment of disposal.

With a dollar-pegged token, the gain against the purchase price is usually small, because the value barely moves. Small is not the same as zero, though: the exchange rate between the euro and the US dollar certainly does move, and precisely that difference can produce a taxable gain or loss.

Keep an Eye on Acquisition Date and Holding Period

Documentation matters more than the amount. A forced conversion produces an event in your transaction history that you will have to explain later, and it sets a new acquisition date for the amount you receive. So download your history before the cut-off date rather than waiting until next spring. A portfolio tracker with a tax function takes the collecting work off your hands, provided the data is exported cleanly.

One note on sequence: whoever unwinds the holding themselves picks the timing and the target value. Whoever lets the deadline pass has both assigned to them.

374 EURR in Circulation: What the Launch Size Says About Liquidity

At launch, EURR is tiny. According to the reserve report, exactly 374 tokens were in circulation on August 20, 2026, matched by 374 euros in deposits at credit institutions. That is no criticism of the product; it is the normal state of a token that is only just being rolled out to a selected group.

The figure carries a practical meaning all the same. A low circulating supply means low liquidity outside the app in which the token is issued. As long as EURR essentially circulates within Revolut, the reliable route back into actual euros runs through the issuer rather than through a sale on an open market.

Euro Stablecoins in the Market: How Far EURC Leads EURR

The distance to the established euro token is enormous at launch. For the same reference date, August 20, 2026, around 403.1 million euros of Circle's EURC were reported in circulation across five networks, equivalent to roughly 470.1 million dollars. Against the 374 EURR that is more than a millionfold.

For you as a user that means two things. A euro token with a large circulating supply can be exchanged in more places and turns back into money faster when it matters. A euro token with a small supply inside a large app can close that gap quickly if the rollout plan holds. Which of the two effects wins cannot be settled today, and anyone claiming otherwise is working with figures that do not yet exist.

Ethereum, Polygon, Solana: Which Chains EURR Is Set to Run On

On the question of which blockchains EURR is available on, the launch accounts diverge, and that is not smoothed over here. Some publications name only Ethereum at launch, others Ethereum and Polygon, a third group adds Solana. There is agreement that Ethereum comes first and that further networks are to follow.

Arbitrum, Optimism, Avalanche, Injective, TON and Sui are among those named as later stages; in total there is talk of up to eight networks. Before withdrawing to an address of your own, always check in the app which network is actually on offer. A token on the wrong chain is the most common and most infuriating mistake people make when moving a balance out.

Redemption at Par: How the MiCA Redemption Right Works

The redemption right is the core of an e-money token. You can return your EURR to the issuer at par value, one token for one euro. According to the product information, this redemption runs through the authorised issuer and depends on its onboarding process and regulatory requirements.

That sentence matters more than it sounds. Inside the app, the route back into euros is convenient. Anyone who has moved the token to an external address and wants to redeem it there faces the issuer as a customer in their own right and goes through its checks. That is permissible and laid out that way in MiCA, but it takes longer than a tap of a finger.

How far the European rules for such tokens might still shift over the coming months is the subject of the ongoing review of the regulation. Our piece on the MiCA review and the proposed changes covers where that stands.

Address Freezes and No Interest: What Conditions Come With EURR

Two properties of the token belong in any sober assessment. EURR generates no yield for holders. This is not a decision the provider took against its customers but a requirement: MiCA prohibits issuers from paying interest on e-money tokens. Anyone looking for a return will systematically not find it in a euro stablecoin.

Second, the issuer reserves the right to freeze addresses where there is a suspicion of unlawful use. That too is customary with regulated tokens and the flip side of authorisation: whoever issues under supervision has to be able to respond to orders. A euro token is therefore a different instrument from a cryptocurrency without an issuer, and that difference should feed into any decision about where a larger amount sits.

What That Means for Storage

If you hold larger amounts in tokens that an issuer can freeze, spreading them across several storage methods is not excessive effort. Our overview of software wallets sets out which wallet types come into question and how they differ.

Checking Revolut EURR: What to Take Away

1. Look in your Revolut account today to see whether any USDT is still sitting there. The deadline ends on August 31, 2026. Sell yourself or withdraw the holding if you want to determine the timing and the destination. If you would rather move the holding to a venue with a European permission, our overview of regulated crypto exchanges helps with the choice.
2. Download your transaction history before the cut-off date passes. An automatic conversion is a disposal for tax purposes and needs supporting evidence later on. A tax and portfolio tool assigns the events correctly, provided the raw data is complete.
3. Hold off on EURR until the token is actually offered in Germany. A rollout plan without a date is not availability. When the time comes, check the issuer, the redemption procedure and the network on offer first, then consider which part of your balance should sit in a token at all. For storage outside an app, the wallet overview is worth a look.

Sources on the launch: the reports by crypto.news and Crowdfund Insider on the EURR launch, each with its own details on the issuer, the authorisation and the launch countries.

(As of August 26, 2026. This article is not investment advice. Prices and fee structures change; check the terms with the provider before you buy.)