StablR, a European digital asset firm based in Malta, is reporting that it has received an Electronic Money Institution (EMI) License and is fully compliant under MiCA to offer a Euro-based stablecoin.
Stablecoins are digital representations typically tied to another asset. These digital assets are mostly secured by fiat currency and may be used for digital transactions. StablR’s EURR is said to be 100% collateralized in segregated accounts, with transparent, recorded, and traced transactions and 24/7 availability. The company says it can be transferred anywhere, almost free of cost, via peer-to-peer, cross-border transactions.
Gijs op de Weegh, founder and CEO of StablR, predicts that demand for stablecoins will only grow as MiCA regulations take effect.
“With the renewed trust that both institutions and the public will have in EUR-backed stablecoins such as EURR, we’re certain that we will see exponential integration of stablecoins into the European financial system,” he said. “Euro-denominated stablecoins still represent a relatively small part of the crypto market, but that’s undoubtedly set to change in light of these new rules. In the short term, this unlocks a greater opportunity for the EU’s crypto industry to better leverage the enormous potential of digital assets.”
op de Weegh believes that in the long run the European financial ecosystem must fully integrate stablecoins. He said that restrictions on issuers of USD-denominated stablecoins will lead to significant growth of euro-pegged stablecoins.
“This creates a significant opportunity and need for new entrants into the space so that institutions and the public have a choice and the opportunity to diversify their holdings. MiCAR is the new standard and a major moment in the global mainstream adoption of crypto.”
Under MiCA rules, all stablecoin issuers must have an EMI and be compliant to the regulations. There are also transaction limits applied to non-euro-pegged stablecoins.
