Tether-Backed Companies Issue MiCA Stablecoins in Europe

Two Tether-backed companies, StablR and Oobit, have launched new stablecoins in Europe that comply with the MiCA (Markets in Crypto-Assets) regulation that has come into force in the European Union.

This comes shortly after one of the largest stablecoin issuers, USDT, stopped serving customers in Europe due to non-compliance with local regulations. Following its exit from the market, other players have taken over: Stasis’ EURS, Circle’s EURC, and Société Générale’s EURCV. Against this backdrop, Binance and Kraken have also announced that they will stop supporting USDT for Eurozone users.

The Oobit platform has begun integrating StablR stablecoins — EURR (pegged to the euro) and USDR (pegged to the US dollar). The basis for their release was the new tokenization platform Hadron, developed by Tether. As noted by Oobit CEO Amram Adar, “the introduction of regulated stablecoins makes cryptocurrencies a real and convenient payment instrument for everyday use.” To stimulate the circulation of new digital assets, users will be credited with 5% cashback when paying using EURR or USDR. This should contribute to wider adoption of stablecoins in retail and commercial transactions.

Earlier, it was reported that the largest US banks, including JPMorgan Chase, Bank of America, Citigroup and Wells Fargo, are in talks to issue a joint stablecoin pegged to the dollar.