According to CoinMeta, Revolut has launched a euro-backed stablecoin, EURR, in Europe, allowing users to make on-chain transfers between euros and cryptocurrencies. The launch of this stablecoin began initially in Denmark, Poland, and Portugal. Revolut indicates that EURR is part of a broader plan, with the intention to issue digital tokens pegged to different currencies in the future. EURR is currently available only to eligible users, but there are plans to expand it to the entire European Economic Area later this year. This token is designed to maintain a value of €1 and is backed by reserves held by the issuer in accordance with applicable MICA requirements. Revolut currently has over 40 million European users, and it is expected that this new product will help it gain a foothold in the highly competitive European digital payment market.