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Home»Regulation»Tether invests in StablR, supporting Euro and US dollar stablecoins as MiCA regulations approach
Regulation

Tether invests in StablR, supporting Euro and US dollar stablecoins as MiCA regulations approach

December 20, 2024No Comments3 Mins Read
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Tether, the issuer of the world’s largest stablecoin by market capitalization, announced on December 17 that it was investing in Malta-based stablecoin company StablR.

Tether, the issuer of the world’s largest stablecoin by market capitalization, announced on December 17 that it was investing in Malta-based stablecoin company StablR. The move comes as Europe prepares to fully implement its Markets in Crypto Assets (MiCA) regulations, which are expected to come into force on December 30, 2024.

StablR operates two stablecoins: StablR Euro (EURR), pegged to the Euro, and StablR USD (USDR), pegged to the US dollar. At the time of the investment announcement, EURR had a market capitalization of $3.4 million, representing approximately 1% of the total euro stablecoin market. USDR, however, was not listed on major crypto platforms like CoinMarketCap at that time.

The stablecoin company was founded in 2023 and recently obtained an Electronic Money Institution (EMI) license from the Malta Financial Services Authority, allowing it to issue fully compliant stablecoins under MiCA. This is a key step in StablR’s strategy to navigate the regulatory landscape, as MiCA requires issuers to meet strict reserves and governance compliance standards.

Tether’s investment in StablR comes as its own stablecoin, USDT, faces regulatory uncertainty, particularly in Europe. Following the introduction of MiCA, major exchanges like Coinbase removed or restricted access to non-compliant stablecoins, and Tether suspended its Euro-pegged stablecoin, EURT. EURT had a market capitalization of $27 million at the time of the suspension.

As part of the deal, StablR will operate Tether’s recently launched tokenization platform, Hadron. Hadron enables tokenization of various assets, including stablecoins, and provides compliance tools such as KYC, AML, and risk management. It also allows the transfer of stablecoins from StablR to Ethereum and Solana wallets.

Paolo Ardoino, CEO of Tether, said that the European stablecoin market is evolving rapidly and is poised for significant growth. He highlighted that Tether supports projects like StablR that align with the company’s vision of driving innovation and compliance in the European market.

In addition to the investment, StablR raised €3.3 million ($3.46 million) in a funding round, from investors including Deribit, Theta Capital, Blocktech and Folkvang. StablR plans to expand the availability of its stablecoins beyond Ethereum and Solana, increasing their interoperability.

Tether’s focus on supporting MiCA-compliant stablecoin projects like StablR marks a shift in its strategy. Rather than focusing on modifying its existing stablecoins to align with MiCA, Tether is investing in companies that are already compliant with the new regulations. This approach allows Tether to remain active in the growing European stablecoin market while avoiding regulatory conflicts.

This article contains links to third party websites or other content for informational purposes only (“Third Party Sites”). Third Party Sites are not under the control of CoinMarketCap, and CoinMarketCap is not responsible for the contents of any Third Party Site, including without limitation any link contained in a Third Party Site, or any changes or updates thereto. ‘a third party site. Party site. CoinMarketCap is providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement, approval or recommendation by CoinMarketCap of the site or any association with its operators. This article is intended to be used and should be used for informational purposes only. It is important to conduct your own research and analysis before making any important decisions related to any of the products or services described. This article does not constitute and should not be construed as financial advice. The views and opinions expressed in this article are those of the author (company) and do not necessarily reflect those of CoinMarketCap.



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