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    Tether invests in Malta’s StablR to expand European stablecoin influence

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    HI Tether seen as a thread to US financial system as more fud around reserves emerges, hands, string, weave

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    Tether is investing in Malta-based venture StablR to grow its presence in the European stablecoin market. StablR oversees two stablecoin initiatives, StablR Euro (EURR) and StablR USD (USDR), which will utilize Tether’s Hadron token platform. The investment coincides with the burgeoning European stablecoin market, slated for expansion under the imminent full enforcement of the European Markets in Crypto-Assets Regulation (MiCA). The development follows Coinbase’s decision to delist Tether’s USDt due to MiCA regulations.

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    Tether, the big cheese of stablecoin, is putting its money into StablR, a Malta-based venture, to increase its foothold in the European stablecoin market. This investment is a firm nod to Tether’s dedication to boost regulated stablecoins, particularly as more and more newbies make their entry into the region.

    StablR is the brain behind two stablecoin projects: StablR Euro (EURR), backed by the euro, and StablR USD (USDR), pegged to the U.S. dollar. Both these tokens will use Tether’s token platform, Hadron.

    You may not know, but the European stablecoin market is quite a scene these days, with loads of developments in recent times. As the Markets in Crypto-Assets Regulation or MiCA, of Europe is about to fully kick into gear by the end of this month.

    Just so you know, euro-based stablecoins are worth a whopping $367 million, with Stasis Euro (EURS) and Euro Coin (EURC) being the big players. They have a market cap of $130 million and $90 million, respectively.

    With all these happenings, the European stablecoin market is primed for some serious growth, according to Tether CEO Paolo Ardoino. He’s pretty stoked about all this and is fully throwing his weight behind initiatives like StablR.

    Talking numbers, StablR’s euro-based EURR accounts for just about 1% of the total market cap of all euro-based stablecoins at the time of Tether announcing its investment in StablR. StablR’s EURR has a market cap of $3.4 million with a total supply of 5.7 million euros ($5.9 million). Their US dollar stablecoin, USDR, however, is not listed on crypto data platforms like CoinGecko or CoinMarketCap.

    StablR is a fairly new kid on the block, started up in 2023, but it managed to scoop in 3.3 million euros ($3.4 million) in a seed round with investors such as cryptocurrency derivatives exchange Deribit. Other backers of the firm include Theta Capital, Blocktech, Maven 11, and Folkvang.

    Since its inception, StablR has its eye on the ball, focussing on delivering unmatched compliance, liquidity, and flexibility for institutions and merchants, said founder and CEO Gijs op de Weegh, adding that they are at the cutting edge of a new era for stablecoins.

    This news follows the decision by bigwig cryptocurrency exchange, Coinbase, to delist Tether’s USDt (USDT) stablecoin due to MiCA regulations.

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