Revolut launches EURR stablecoin (MC 8/27)

Welcome to another edition of the Money Code newsletter (fka The Weekly Stable), the essential source of stablecoin news coverage for global fintech professionals, brought to you by This Week in Fintech and Stablecon.

This week we cover:

Revolut launches EURR, its first euro-backed stablecoin
Manuel Godoy explains how Felix combines WhatsApp distribution with stablecoin economics
Product launches, partnerships and funding news from Fasset, Coinbase, Visa, Standard Chartered, Vanguard, Franklin Templeton, Bitwise, Clearstream, LayerZero, Shinhan and more.

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🏆 Top Stories

Revolut Launches EURR, Its First Euro-Backed Stablecoin

Revolut has begun rolling out EURR, a euro-backed stablecoin, to eligible customers in Denmark, Poland and Portugal, markets covering about two million Revolut users. Stripe-owned Bridge is the legal issuer, while Revolut distributes EURR through its app and Revolut X; the token launched on Ethereum, with external wallet transfers initially available to selected customers. Revolut expects wider EEA availability for EURR later this year and is developing stablecoins tied to other currencies.

My take:

Revolut’s distribution is enough to make EURR matter: EURR does not need to become a major DeFi asset. Revolut already has more than 75 million customers and $67.5B in balances; if it can use EURR as plumbing in the background while customers continue to deposit and withdraw however they choose, it would not take much for EURR to surpass EURC’s roughly €400 million supply.
The three-country rollout may be a treasury experiment: I think Revolut may be testing the plumbing here across three different currency environments: Poland’s floating currency, Denmark’s euro peg and Portugal inside the eurozone. If EURR proves more efficient where Revolut’s bank and SEPA rails still leave friction, Revolut could repeat the model for the other currency stablecoins already in development, while customers keep seeing the balances they want in the app and external on-chain use remains upside.

📺 Money Code Podcast

Ep 44: Inside Felix's Stablecoin Remittance Playbook w/ Manuel Godoy

Remittance startups win when they find the trust ritual already happening and make the transaction feel native to it. In this market, the product surface can matter as much as the payment rail.

Manuel Godoy co-founded Felix after user research showed senders leaving Western Union, photographing receipts, and sending pickup codes over WhatsApp. Felix has processed north of $6B across Latin America, and this conversation traces the stablecoin rail underneath the chat experience.

We decode

The receipt-sharing habit: how WhatsApp was already in the remittance flow before Felix put the transaction there
Stablecoins as startup scale: why USDC liquidity let Felix approach interbank-like pricing before it had incumbent volume
The weak-liquidity problem: what changes when a corridor has no mature crypto market, OTC desk, or clean off-ramp

Give it a listen and share your feedback by sending me a DM or replying to this email.

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Read on for a round up of this week's news:

📊 Market Trends

Banks fought against stablecoins. Now they are considering launching their own. (read more)
Crypto card spending tops $1 billion as stablecoins move into everyday purchases (read more)
Dallas Fed economists warn tokenized deposits could reduce U.S. bank lending capacity by $700 billion (read more)

💸 Fundraises and M&A

Stablecoin neobank Fasset lands $1 billion valuation as SBI backs its payments push (read more)

🚀 Product Announcements & Partnerships

Arcus launches pTokens on Robinhood Chain, turning perpetual accounts into transferable ERC-20s (read more)
Bitwise launches automated tokenized stock portfolios with Coinbase (read more)
Clearstream expands tokenization into settlement, custody, and collateral (read more)
Coinbase launches 1:1-backed tokenized stocks on Base, bringing 24/7 equities trading to DeFi (read more)
Franklin Templeton and HashKey roll out U.S. tokenized money fund in Asia (read more)
Japan works on a blockchain-based stock settlement system, with details expected in early 2027 (read more)
LayerZero launches ATLAS, a headless exchange built with institutional partners to combine CEX performance and DEX self-custody (read more)
LuLu Financial Holdings adopts Circle’s USDC for 24/7 cross-border settlement across GCC, MENA, and APAC (read more)
Neuberger and Securitize launch a multi-chain tokenized fixed-income fund (read more)
POSCO brings South Korean trade receivables to Avalanche (read more)
Revolut introduces EURR, its first euro-backed stablecoin (read more)
Shinhan and Visa team up to test stablecoin issuance and B2B settlement in South Korea (read more)
Shinhan partners with Solana Foundation, Etherfuse, and Orca on tokenized fund issuance in South Korea (read more)
Standard Chartered becomes the first bank to distribute Hong Kong dollar stablecoin HKDAP (read more)
U.S. state banking associations plan a nationwide blockchain network (read more)
Vanguard and Wellington test tokenized money-market fund collateral on Canton through Nasdaq Calypso (read more)
Visa and Nium test stablecoin settlement outside business days under MAS’s Project BLOOM (read more)
World Liberty Financial launches USD1 natively on Canton for institutional RWA settlement (read more)

⚖️ Regulatory Developments

Blockchain Association backs the U.S. Treasury’s proposed GENIUS Act rules for stablecoin issuers (read more)
CFTC chief directs staff to create crypto regulations if the CLARITY Act fails (read more)
Kraken parent Payward explores becoming a full bank outside the U.S. (read more)
Nomura-backed Laser Digital wins Japan’s first crypto approval in four years (read more)
Pakistan starts its crypto licensing regime with a September 5 registration deadline (read more)
SEC resurrects a U.S. crypto custody rule the previous administration failed to enact (read more)
Zerohash returns for a second attempt at an OCC trust bank charter (read more)