Europe’s digital money market is advancing on two tracks as the European Central Bank sharpened its privacy case for a digital euro and Revolut began a phased rollout of its euro-backed stablecoin, EURR, in selected European markets. The ECB said a digital euro would offer the maximum privacy current technology can support, with offline payments visible only to the payer and recipient, while online transactions would not allow the Eurosystem and network to identify the individuals involved. At the same time, Revolut started offering EURR to eligible users in Denmark, Poland and Portugal, with broader availability across the European Economic Area planned later. The stablecoin, issued by Bridge Building, a Stripe company, is launching on Ethereum and is designed to maintain a value of one euro. The two initiatives reflect different models for digital money in Europe: a central bank-issued digital euro as public money and a privately issued stablecoin aimed at blockchain-based payments and transfers.