The neobank and digital financial technology company Revolut announced the launch of its own stablecoin, EURR, backed by the euro and issued by Bridge, a subsidiary of Stripe.

With this innovation, it will be fully integrated into the Revolut app for eligible individuals in Denmark, Poland, and Portugal.

The initiative represents a crucial step for Revolut in its desire to “serve as a bridge between official money and cryptocurrencies. In this way, the fintech brings the euro into the on-chain environment and connects its traditional money, foreign exchange, and crypto asset services,” the company explains.

Revolut’s stablecoin was designed to maintain a value of one euro and is backed by reserves held and managed by the issuer, in accordance with MiCA regulations.

By the end of 2026, the neobank plans to extend the availability of the EURR stablecoin to the entire European economic landscape, as well as launch alternatives in other currencies, “something that will be contingent on the product’s maturity and its operational and regulatory viability.”

Selected customers will have instant access to the crypto ecosystem in euros, with “real utility for stablecoins that no other traditional bank or native crypto platform can match,” according to a statement from Emil Urmanshin, Director of Crypto and New Bets at Revolut.

M.Pino

Source: elobservador

(Reference image source: Sophie Dupau on Unsplash)

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The speech by the director of the International Monetary Fund, Kristalina Georgieva, during the inauguration of the FinTech Festival in Singapore, was an exhortation to public institutions to prepare for the implementation of CBDCs as an instrument of financial inclusion.

The European official was optimistic about the creation and circulation of central bank digital currencies, although she noted that the trend is still in its initial stage.

In his opinion, few countries have made progress in creating a CBDC. Georgieva estimates that 60 % of nations are in the exploratory phase.

The IMF president maintains her commitment to CBDCs as an instrument for financial inclusion for unbanked populations, but weighs the fact that they could be the final blow for fiat money.

In her speech, he noted that “CBDCs can coexist with private money, being their safe and low-cost alternative.”

Likewise, he stressed the importance of having the necessary technologies to develop CBDCs, as well as investing in security measures to safeguard user data, in addition to the evaluation of risks related to cryptocurrencies and stablecoins.

The FinTech Festival was the setting for the presentation of the IMF’s CBDC virtual manual, by its director, who also addressed the importance of the Bank for International Settlements (BIS) in the framework of public sector digital money projects.

M.Pino

Source: cointelegraph

(Reference image source: Arthur Mazi, Unsplash)

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Bank of England Governor Andrew Bailey gave a speech on July 10, addressing various topics, from the central bank’s efforts to control inflation and maintain confidence in financial institutions, to his views on cryptocurrencies. Bailey expressed his opinion that cryptocurrencies cannot be considered as money, in contrast to his preference to improve existing digital money.

Bailey noted that recent bank failures in the United States and Switzerland highlighted challenges related to the uniqueness of money and the finality of the liquidation. According to him, both cryptocurrencies and stablecoins do not meet the basic requirements of uniqueness and settlement purpose, although he did not provide further details on the matter.

Instead of focusing on cryptocurrencies and stablecoins, Bailey proposed improving existing digital money, which is currently stored in computer systems. According to him, it is possible to convert it into a monetary unit that allows the inclusion of numerous executable actions, such as smart contracts.

In addition, he mentioned that a central bank-issued digital currency (CBDC) could be a way to improve digital money. Bailey said he sees no reason why enhanced digital money should be the preserve of central banks. However, he highlighted the clear advantages of CBDCs, especially in terms of promoting the uniqueness of money and ensuring that the public always has the option of using fully functional central bank money in their daily lives.

Although Bailey expressed his support for retail CBDCs, he had a different take on wholesale CBDCs. The Bank of England has just upgraded their real-time gross settlement system, which Bailey says puts them in a strong position to offer solutions that integrate central bank digital money into the system with tokenized transactions. This is considered the fastest and most efficient route. However, he clarified that there are no plans to create a wholesale CBDC. Bailey concluded his speech by stating that cash will continue to be an integral part of the monetary system.

K. Tovar

Source: Cointelegraph

(Reference image source: Unsplash+)

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