TBW - Tether invests in StablR to continue operating in the EU
This is clearly what is known as going out the door and coming back in through the window.
After announcing in the autumn that it was withdrawing from the European Union because of MiCA regulations, Tether, which is the issuer of the largest dollar stablecoin on the planet with $140 billion (USDT), is finally going to stay there thanks to an investment in start-up StablR.
The amount of the deal has not been disclosed.
Based in the Netherlands, StablR is a start-up specialising in issuing stablecoins that comply with the constraints associated with European stablecoin regulation.
StablR has its own stablecoins, EURR (euro) and USDR (dollar).
StablR will use Tether's platform
MiCA regulation came into force on 1 July 2024 pushing Tether to withdraw from the European Union. "We have major reservations about certain measures and in particular the one that requires us to maintain 60% of liquidity reserves with banks", explained Tether CEO Paolo Ardoino in an interview in the autumn.
With this deal, StablR will now create its stablecoins using Hadron, which is Tether's tokenisation platform.
"We are very happy to support projects like StablR, whose vision is aligned with ours on the need to support innovation and accessibility of stablecoins in the European Union", explains Paolo Ardoino.
Could StablR enable the launch of an EURT equivalent in the European Union? When asked, Paolo Ardoino explains that "there's no point since EURR already exists."
