€374 was enough when the institutions were right

Revolut's EURR currently has about 374 EURR in circulation.

Its contract model is almost the opposite of BYKO. EURR must be mintable and burnable because euros enter and leave the system. Its issuer, Bridge Building S.A., is a regulated electronic money institution, and holders have a redemption claim at par.

BYKO was minted once: 790,227 tokens. There is no later minting and no owner privilege that can change the supply.

So EURR is technically more centralized. It is also vastly more legitimate in the eyes of the surrounding infrastructure.

That legitimacy does not come from smart-contract purity. It comes from outside the contract: issuer, licence, reserves, redemption rights and Revolut distribution.

The interesting number is 374.

A regulated institutional token can be accepted with roughly €374 in circulation while small independent tokens are routinely judged by holder counts, market activity and liquidity.

The experiment keeps finding the same thing: legitimacy is not a property of code alone.