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EURR vs EURC: Revolut Enters the Euro Stablecoin Race
Audio is available on Spreaker — see link below.
Revolut launches its MiCA-compliant euro stablecoin EURR into a market where Circle already controls 90% of transfer volume — the distribution battle is on. Plus: HSBC and Standard Chartered go live on Swift's blockchain ledger, and Asia-Pacific central banks coordinate on CBDC timelines.
Audio is available on Spreaker — see link below.
Revolut just entered the euro stablecoin market, and the competitive math is harder than it looks. The company launched EURR, a MiCA-compliant euro stablecoin, targeting three European countries in an initial rollout.
That's where Circle comes in, and this is where the competitive picture sharpens. Circle's EURC currently holds over ninety percent of euro stablecoin transfer volume, with roughly four hundred million euros in circulation.
What early MiCA compliance actually does is narrow the field. Most firms didn't make it.
Away from the euro stablecoin competition, the settlement layer of traditional banking just shifted in a less-noticed but arguably more structural way. HSBC and Standard Chartered executed live, production-scale cross-border bank-to-bank transactions on Swift's blockchain-based shared ledger using tokenized commercial bank money.
In Bali, central bank governors across Asia-Pacific convened to coordinate on CBDC development timelines, tokenization standards, and AI integration in payment systems. Interoperability between regional CBDCs isn't finalized, and launch timelines remain unconfirmed.
Two things worth tracking closely. First, whether Revolut's retail distribution actually converts to EURR adoption, or whether EURC's institutional depth holds its dominance.
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