Well, isn’t this a familiar tune? Tether, the big name in stablecoins, seems to be finding its way back into the European market. Not directly, mind you. After getting nudged out by new rules, two companies it backs are stepping up. They’re launching fresh stablecoins, all nice and compliant with Europe’s MiCA regulations. It’s a clever move, really, a bit like finding a back door when the front one is locked.
- Tether is indirectly re-entering the European market through partnerships with MiCA-compliant stablecoin issuers. This strategy allows them to navigate regulatory hurdles.
- Oobit and StablR are key players in this move, with Oobit integrating the new stablecoins into its platform and StablR issuing them. This partnership expands the availability of stablecoins in the EU.
- The initiative is built on Tether’s Hadron platform, which helps manage digital assets. This platform is crucial for the compliance and functionality of the new stablecoins.
The plan involves Oobit, a crypto payments firm, and StablR, which issues fiat-pegged stablecoins. StablR will offer StablR Euro (EURR) and StablR USD (USDR). Oobit will then weave these new coins into its platform. This means folks across the European Union can soon spend and save using these stablecoins. It’s all built on Tether’s new tokenization platform, Hadron, which sounds like something out of a science fiction novel, but it just helps manage digital assets.
You see, Tether’s own euro-pegged stablecoin, EURT, had to pack its bags late last year. The Markets in Crypto-Assets (MiCA) requirements were a big reason. It’s funny how regulations can make even the biggest players rethink their strategy. EURT used to be the king of euro stablecoins, hitting a market cap of $500 million. But then, compliant coins like Stasis’ EURS and Circle’s EURC started to take over.
It’s a classic case of the rules changing the game. MiCA’s full rollout really sparked a demand for stablecoins that play by the book. This pushed big names, even Tether, to look for new ways to serve the European market. It’s like when you’re trying to bake a cake, and suddenly the recipe changes mid-way. You adapt, or you don’t get dessert.
Even major exchanges like Binance and Kraken have started to drop support for Tether’s main stablecoin, USDT, across the European Economic Area. This is all part of the MiCA compliance dance. It shows just how serious these new rules are. No one wants to be caught out of step.
Amram Adar, the CEO of Oobit, put it plainly: by using MiCA-compliant stablecoins like EURR and USDR, Oobit is setting a new standard. He sees digital assets functioning in a way that is regulated, easy to use, and available to many people. His mission is to make crypto a primary way to exchange value. It sounds ambitious, but someone has to try, don’t they?
And to get people on board, there’s a little sweetener. Users will get 5% cashback in stablecoin rewards when they use EURR or USDR. Who doesn’t like a bit of cashback? It’s a smart way to encourage adoption, making it a bit less scary to try something new in the crypto world.
Oobit itself is a mobile crypto payment app. It works with both iOS and Android phones and uses existing Visa and Mastercard point-of-sale systems. StablR, on the other hand, is the platform that actually issues these euro and dollar-pegged assets. StablR will use Tether’s Hadron tool as part of its compliance system, which includes regular checks of its asset reserves. It’s all about making sure things are above board.
Oobit has been around since 2017. Last year, it raised a hefty $25 million in Series A funding. Tether, the stablecoin giant, led that round. Other investors included CMCC Global’s Titan Fund, 468 Capital, and even Solana co-founder Anatoly Yakovenko. That’s a pretty strong lineup, suggesting these companies mean business.
Oobit is thrilled to announce a strategic partnership with StablR, a MiCA-compliant stablecoin issuer, to integrate EURR and USDR into our platform. This collaboration marks a significant milestone in our mission to make crypto a primary medium of exchange across Europe.
As part of this… https://x.com/oobit/status/1927390028381950229
Tether CEO Paolo Ardoino made it clear when they invested in StablR late last year: it was a way to keep a foot in Europe. StablR even secured an Electronic Money Institution (EMI) license from the Malta Financial Services Authority in 2024. This license lets them issue fully regulated stablecoins across Europe. It’s a big deal. StablR was also one of the first to use “Hadron by Tether,” which is a special platform for turning real-world things like stocks, bonds, and even reward points into digital tokens. It seems Tether is finding new ways to play the game, even if it’s from the sidelines.
