Originally published on: December 17, 2024
Tether, the leading stablecoin issuer, is making moves in the European stablecoin market by investing in Malta-based StablR, the company announced recently. This strategic investment showcases Tether’s dedication to supporting regulated stablecoins as the market in Europe continues to expand and evolve.
StablR operates two stablecoin projects, StablR Euro (EURR) backed by the euro and StablR USD (USDR) pegged to the US dollar. Both tokens will leverage Tether’s tokenization platform, Hadron, providing a seamless and efficient transfer process.
The European stablecoin market has seen significant growth, especially with the impending implementation of Europe’s Markets in Crypto-Assets Regulation (MiCA) on December 30. According to Crypto.com, euro-based stablecoins represent a $367 million market, with leading stablecoins like Stasis Euro (EURS) and Euro Coin (EURC) dominating the market.
“The European stablecoin market is rapidly evolving, and it’s poised for significant further growth in line with broader trends,” said Tether CEO Paolo Ardoino. With Tether’s investment in StablR, the euro-backed EURR has already carved out a niche in the market, standing at a $3.4 million market capitalization.
In addition to its euro-backed stablecoin, StablR also offers a US dollar-pegged stablecoin, USDR, which enhances its versatility and appeal to a wider audience. By utilizing Tether’s Hadron platform, both EURR and USDR can be easily transferred to any Ethereum or Solana wallet address, ensuring seamless and secure transactions.
Founded in 2023, StablR has garnered support from various investors, including renowned names in the cryptocurrency industry such as Deribit, Theta Capital, Blocktech, Maven 11, and Folkvang. The company’s commitment to compliance, liquidity, and flexibility has been a driving force behind its success in the competitive stablecoin market.
As the European stablecoin landscape continues to evolve, partnerships like the one between Tether and StablR are paving the way for greater adoption and innovation. With Tether’s backing, StablR is well-positioned to solidify its presence in the market and offer users a reliable and compliant stablecoin solution.
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