StablR launches MiCAR-compliant euro stablecoin as EU rules come into force

In short

• StablR received its Electronic Money Institution (EMI) license on July 1, 2024.
• The company now issues EURR, a fully MiCAR-compliant euro-denominated stablecoin
• This happened after the MiCAR regulations regarding stablecoins came into force in the European Union.
• MiCA requires all EU stablecoin issuers to have an EMI license
• New regulations require stablecoins to be issued from the EU and their reserves to be held in a jurisdiction
• For stablecoins not pegged to a European currency, strict transaction limits will apply

---

StablR announced the acquisition of an Electronic Money Institution (EMI) license and the subsequent launch of a MiCAR-compliant euro-denominated stablecoin, EURR.

The move comes at a key time as the European Union’s stablecoin guidelines under the Markets in Cryptoassets Regulation (MiCAR) come into force, ushering in a new era of regulatory compliance in the cryptocurrency industry.

StablR, a company focused on providing efficient, secure and transparent services for euro-denominated stablecoins, received its EMI license on July 1, 2024.

This license, granted by the Maltese regulators, allows StablR to issue EURR, placing it among the leading fully compliant Euro-based stablecoins in the market following the introduction of MiCAR regulation.

The timing of the StablR announcement is particularly noteworthy as it coincides with the initial implementation of MiCA in July 2024. Under the new regulatory framework, all stablecoin issuers operating in the EU are required to obtain an EMI license.

This regulation introduces strict rules regarding fiat currency security, exchangeability, transparency and security of stablecoins.

Gijs op de Weegh, Founder and CEO of StablR, highlighted the significance of this event:

“The last few years have created an environment with a clear need for transparent, reliable, and trustworthy alternatives to stablecoins. This need will only grow as the MiCAR stablecoin guidelines come into effect.”

The new regulations introduced by MiCA stipulate that all stablecoins must be issued in the EU and their reserves must be held within that jurisdiction.

Strict transaction limits will be applied to stablecoins that are not pegged to the euro, which is likely to dramatically increase the importance of euro-denominated alternatives such as EURR.

These regulatory changes have already begun to impact the cryptocurrency landscape, with some exchanges delisting unregulated stablecoins and others pledging to do so in the coming months. This change creates a significant opportunity for Euro-compliant stablecoins to gain market share.

Op de Weegh highlighted this potential:

“Euro-denominated stablecoins still make up a relatively small part of the cryptocurrency market, but that will undoubtedly change in light of these new regulations. In the short term, this opens up a greater opportunity for the EU cryptocurrency industry to better leverage the enormous potential of digital assets.”

StablR’s EURR aims to address the critical need for liquidity in the European cryptocurrency market.

By providing solid liquidity through its extensive network, the company is positioning itself to support wider adoption and growth of the European cryptocurrency sector in the face of a changing regulatory environment.

The company’s technology is designed to enable efficient settlement, fast payouts and full compliance with required anti-money laundering (AML) regulations and EU sanctions checks.

StablR also plans to provide an API that will allow users to perform transactions and settlements automatically, reducing the need for manual intervention.

The introduction of MiCAR-compliant stablecoins such as EURR is expected to have far-reaching consequences for the European financial system. Op de Weegh expressed optimism about the long-term impact:

“In the longer term, this allows the European financial system to operate with the certainty it needs to fully integrate and leverage stablecoins.”