Tether supports StablR in Europe's stablecoin market

Tether (CRYPTO:USDT), the issuer of the world’s largest stablecoin, is investing in Malta-based stablecoin company StablR to enhance its presence in Europe’s growing stablecoin market.

On December 17, Tether confirmed its support for StablR, which operates two stablecoin projects: the euro-backed StablR Euro (EURR) and the US dollar-pegged StablR USD (USDR).

Both stablecoins will leverage Tether’s tokenisation platform, Hadron, as part of the strategic investment.

The European stablecoin market is expanding, particularly with the upcoming implementation of the Markets in Crypto-Assets Regulation (MiCA) on December 30.

Euro-based stablecoins alone make up a $367 million market, with notable players such as Stasis Euro (EURS) and Euro Coin (EURC) taking a significant portion of the market.

“The European stablecoin market is rapidly evolving, and it’s poised for significant further growth in line with broader trends,” commented Tether CEO Paolo Ardoino on the evolving European market.

“Tether is proud to support initiatives like StablR that align with our vision for fostering compliance, innovation, and accessibility in the European stablecoin market,” he added.

At the time of the announcement, StablR’s EURR had a market cap of $3.4 million, representing about 1% of the euro-based stablecoin market.

StablR’s USDR was not listed on major crypto data platforms, but both EURR and USDR can be transferred using the Hadron platform to Ethereum and Solana wallets.

In 2023, StablR raised €3.3 million ($3.4 million) in a seed funding round with investors like Deribit and other notable blockchain firms.

StablR also holds a license as an Electronic Money Institution, allowing it to issue stablecoins fully compliant with the EU’s new regulations.

“This is a new era for stablecoins, and StablR is very much at the helm,” stated Gijs op de Weegh, CEO of StablR, expressing confidence in their future.

At the time of reporting, the price of Tether (USDT) was $1.00.