Two European companies, StablR and Oobit, supported by Tether, have jointly launched a MiCA-compliant stablecoin program

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PANews reported on May 29 that, according to The Block, two European companies invested by Tether, StablR, and the payment application Oobit jointly launched a stablecoin plan in line with the European Union's Crypto Asset Market Act (MiCA). The euro-pegged stablecoin EURR and the dollar-pegged stablecoin USDR issued by StablR will be connected to the Oobit payment system, and users can get 5% stablecoin cashback when using it. The move comes as Tether is phasing out of the European market due to compliance issues. At the end of 2024, Tether's euro stablecoin EURT was forced to delist due to non-compliance with MiCA requirements, and the coin's market capitalization peaked at $500 million. Exchanges including Binance and Kraken have also begun to delist USDT in the European Economic Area.

StablR holds an Electronic Money Institution (EMI) license issued by the Malta Monetary Authority and uses Tether's Hadron asset tokenization platform for compliance audits. Oobit received a $25 million Series A funding round in 2024 led by Tether, with investors including Solana co-founder Anatoly Yakovenko and others.

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