StablR secures EMI License for MiCAR-compliant EURR stablecoin

StablR’s acquisition of an EMI license for its EURR stablecoin comes at a watershed moment for the crypto industry in Europe. Gijs op de Weegh, Founder and CEO at StablR, said:

The last few years have created an environment with a clear demand for transparent, reliable, and trustworthy stablecoin alternatives. This demand is only set to grow further as MiCAR’s stablecoin guidelines come into 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.

This achievement positions EURR as a fully compliant and trusted euro-backed stablecoin and addresses the crucial need for liquidity in the European crypto market. By ensuring robust liquidity through its extensive network, StablR is paving the way for the broader adoption and growth of the European crypto industry in the face of a fast-changing regulatory landscape.

Issuing stablecoins under MiCAR

With MiCA’s initial implementation in July 2024, it is now necessary for all stablecoin issuers in the EU to have an Electronic Money Institution (EMI). This regulation mandates strict adherence to rules regarding fiat backing, redeemability, transparency, and security. The new regulations introduced by MiCA require that all stablecoins are issued from the EU, while reserves are also held in the jurisdiction. Strict transaction limits will also be applied to non-euro-pegged stablecoins, dramatically increasing the importance of having EUR-denominated alternatives.

In light of these regulatory changes, some exchanges have already delisted unregulated stablecoins, while others committed to doing so in the coming months.

Gijs op de Weegh added:

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. In the long run, it enables the European financial system to operate with the certainty it needs to fully integrate and utilise stablecoins. The 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.

StablR’s technology will enable efficient settlements, fast payouts and full compliance with required AML and sanctions screenings required by the EU. Its upcoming API release will enable users to automatically execute trades and settlements, reducing the need for manual intervention.
Gijs op de Weegh, Founder and CEO at StablR is available for interviews.