Europe is advancing two distinct digital-money tracks as the European Central Bank continues work on a privacy-focused digital euro and Revolut soft-launches EURR, its first euro-pegged stablecoin. EURR is issued by Bridge Building S.A., a Luxembourg-regulated entity owned by Stripe-acquired Bridge, operates under the EU’s Markets in Crypto-Assets framework, and is fully collateralized 1:1 by euro cash held in segregated accounts. The token went live for select users in Denmark, Poland and Portugal from around August 20, with a phased expansion from August 26 reaching an initial audience of about 2 million customers ahead of a wider European Economic Area rollout planned later this year. As of August 28, 250,961 EURR were in circulation against matching cash reserves, implying a market cap of roughly $290,000 and about $585,800 in 30-day transfers, while the token runs on Ethereum and Polygon and for now functions mainly inside the Revolut app and Revolut X. The launch aligns with Revolut’s August 31 cutoff for Tether’s USDT across the EEA and Switzerland amid MiCA compliance pressure, and remains a fraction of Circle’s roughly €394 million EURC in a euro stablecoin market estimated at $673 million to $826 million. ECB Executive Board member Piero Cipollone has said a digital euro would offer the highest privacy current technology allows, with offline payments visible only to payer and payee and online data available to banks for anti-money-laundering checks.