Revolut just launched a euro stablecoin as Tether faces its first real regulatory squeeze

An 80 million user fintech started distributing EURR in three European countries on August 26. Tether has been locked out of the same market since July 1. The stablecoin war is no longer about which token is biggest. It is about which one is allowed to exist. Summary Revolut began rolling out EURR, a euro backed stablecoin issued by Stripe owned Bridge, to customers in Denmark, Poland, and Portugal on August 26, 2026, with plans to expand across the European Economic Area later this year. Tether’s USDT has been delisted from every MiCA licensed exchange in the EEA since July 1, 2026, after Tether declined to apply for e money token authorization, objecting to the requirement that 60% of reserves be held in EU bank deposits. The global stablecoin market has reached $316 billion, with USDT holding 59% market share ($186 billion) and USDC at 23% ($75 billion), but USDC has overtaken USDT in annual transaction volume at $18.3 trillion versus $13.3 trillion. Of the world’s 50 largest stablecoins by market capitalization, only three satisfy MiCA requirements: Circle’s USDC and EURC, and Paxos linked USDG, giving Circle a near monopoly on compliant stablecoin access in Europe. Revolut has...