The U.K. FinTech’s EURR stablecoin is pegged to the euro and is being rolled out first to customers in Denmark, Poland and Portugal before expanding to other parts of the European Economic Area later in the year, Revolut announced Wednesday (Aug. 26).
The company says EURR, which is issued by Bridg, will be integrated into Revolut’s app to let users switch between euros and cryptocurrency on chain.
“This is only the first step in our vision for a full suite of Revolut stablecoins, denominated in several additional currencies,” the company said.
Revolut U.S. CEO Cetin Duransoy told Reuters in June that the company plans to include stablecoins as part of its eventual American banking offering.
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With this launch, Revolut joins a host of other banks and FinTechs that have launched stablecoin efforts over the past several months.
On Tuesday (Aug. 25), Visa joined the Monetary Authority of Singapore’s BLOOM initiative, a move that added “another global payments heavyweight to an experiment designed to connect traditional payment systems with stablecoin-based settlement rails,” PYMNTS wrote.
The same day, OpenPayd integrated its universal financial infrastructure with Circle Payments Network, letting businesses make near-instant cross-border fiat payments.
“For corporate treasurers, another stablecoin pilot is not the interesting part. It is whether the networks carrying these new forms of money will actually talk to one another,” PYMNTS added.
“A multinational doesn’t ultimately care whether the technology underneath a $20 million supplier payment is intellectually elegant. It cares whether value can move from the company’s bank in New York to a supplier’s account in Seoul at the right time, in the right currency, with final settlement, regulatory certainty, sufficient liquidity and usable transaction information.”
Meanwhile, research by PYMNTS Intelligence shows that while stablecoins remain more popular than other forms of cryptocurrency among middle market companies, adoption remains limited, due largely to regulatory uncertainty.
According to the March report “Stablecoins Gain Ground: Why CFOs See More Promise There Than in Crypto,” 77% of CFOs pointed to regulatory or compliance uncertainty as an obstacle for crypto adoption, and 67% say the same about stablecoins.
“The next issues are practical ones: Forty percent cite integration with existing financial systems for crypto, and 43% say the same about stablecoins,” the report said. “The issue centers on whether these tools fit inside real finance workflows.”
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