Revolut launches EURR stablecoin and new AI research unit

Fintech company Revolut has launched its EURR stablecoin, a euro-denominated digital currency pegged 1:1 to the euro. The initial rollout is available to selected customers in Portugal, Denmark, and Poland, with plans for a broader expansion across the European Economic Area. Issued by Stripe-owned Bridge and running on the Ethereum blockchain, the stablecoin is designed to comply with the EU’s Markets in Crypto-Assets (MiCA) regulation.

In tandem with its crypto initiatives, Revolut has established Revolut Research, a dedicated artificial intelligence unit. The unit developed PRAGMA, a transformer-based foundation model trained on approximately 40 billion banking events. Developed with Nvidia, the PRAGMA model is intended to enhance fraud detection by identifying 65% more cases and improving credit risk prediction by 2.3 times across 39 markets.

These private developments occur alongside the European Central Bank’s ongoing work on a digital euro. While the EURR is a privately issued stablecoin, the ECB is developing a central bank digital currency designed with specific privacy safeguards, such as limiting the Eurosystem’s ability to identify individual users during offline and online transactions.