Tether, the issuer of USDT, has invested an undisclosed amount in European stablecoin provider StablR as part of its strategy to boost the adoption of stablecoins in the EU.
Tether Invests In StablR To Promote Stablecoin Adoption In Europe
— Tether (@Tether_to) December 17, 2024
Read more: https://t.co/y8HtQXEwjR
“The European stablecoin market, with a capitalization of $400 million in euro-pegged coins, has seen significant growth in recent months, driven by momentum from the MiCA regulatory framework, which will take full effect on December 30,” stated the press release.
StablR issues stablecoins EURR and USDR and plans to utilize Tether’s Hadron platform. Introduced in November, Hadron allows individuals and enterprises to manage the full lifecycle of tokens, offering tools for KYC/AML compliance, transaction monitoring, and risk management.
“The European stablecoin market is rapidly evolving and poised for further substantial growth in line with global trends. Tether is proud to support initiatives like StablR that align with our vision of regulatory compliance, innovation, and asset accessibility,” said USDT issuer CEO Paolo Ardoino.
In July, StablR received an Electronic Money Institution (EMI) license from the Malta Financial Services Authority.
Both of the company’s regulated coins are compatible with ERC-20 and Solana, with plans to expand to additional networks using Hadron.
In November, Tether discontinued the issuance of its euro-backed stablecoin EURT, citing stricter regulations in the EU under MiCA. Ardoino emphasized that the company would focus on supporting third-party projects in Europe and advancing Hadron.
That same month, Tether invested in Dutch fintech company Quantoz, which announced the launch of EURQ and USDQ stablecoins on the Ethereum blockchain. These assets are compliant with regulatory standards and are issued by Quantoz Payments, a subsidiary licensed by the Dutch Central Bank.
In August, Ardoino called MiCA a threat to stablecoins and the banking system.
Several exchanges, including Coinbase, Uphold, Binance, and OKX, have announced restrictions for EU clients on accessing unregulated stablecoins.
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