StablR, an EU stablecoin issuer, continues to operate under heightened scrutiny due to both its leadership’s controversial legacy and the evolving regulatory environment in the EU. The company issues two stablecoins: EURR (euro-pegged) and USDR (dollar-pegged). As of May 1, 2025, StablR reports 12,654,544 EURR issued (covered by €12,746,213 in reserves) and 5,400,469 USDR issued (covered by $5,551,786 in reserves). Both tokens are listed on several exchanges and have seen integrations with DeFi platforms such as MELDapp, signaling growing market adoption.
Master Data Table
| Attribute | Details |
|---|---|
| Name | StablR |
| Domain | www.stablr.com |
| Legal Entities | StablR Ltd (Malta), STB Software Development B.V., Plutus B.V., GW Ventures B.V. (Netherlands) |
| Jurisdictions | Malta (licensed), Netherlands (operational base) |
| Regulation | MFSA-regulated Electronic Money Institution (EMI), MiCA relevant |
| Key Individuals | Gijs op de Weegh (CEO) – LinkedIn Corné van der Meijden (COO/Risk) – LinkedIn Julia Frendo (CFO) – LinkedIn Robin Nijkamp (CTO) – LinkedIn Adam Csanyi (CCO) Susanne Koning, (formerly Ralf Wandmacher) |
| Strategic Investors | Tether, Deribit, Maven 11, Theta Capital, Folkvang, Blocktech |
| Exchanges & DeFi | Bitfinex, Kraken, EarnBit, PointPay, DigiFinex, MELDapp, Zengo Wallet |
| Auditor | BDO Technology Advisory Ltd (system), BDO Malta (financial) |
| Compliance Ratings | Orange Compliance, Orange Risk (PayRate42) |
Key Developments
Regulatory Status & MiCA Compliance
- StablR is licensed as an EMI by the Malta Financial Services Authority (MFSA), allowing it to issue stablecoins under the new MiCA regime.
- MiCA classifies fiat-backed stablecoins as systemically important, demanding 1:1 liquid reserves and frequent transparency reporting.
- StablR claims full reserve backing for both EURR and USDR, with reserves slightly exceeding circulation as of May 2025.
Market Expansion
- EURR and USDR are now listed on Bitfinex and Kraken, two major crypto exchanges, and are being integrated into DeFi platforms, reflecting StablR’s push for broader adoption.
- With a market capitalization of just over €12 million, EURR is virtually irrelevant in the stablecoin segment. By comparison, the U.S. stablecoin issuer Circle had around 217 million EURC tokens in circulation as of May 2025. Tether itself also has a euro stablecoin, with 38 million in circulation.
- StablR minted the first EURR in October 2023. That was just under 19 months ago. Given the rapid development of the stablecoin segment during this time, EURR’s performance can be considered disappointing. StablR has not succeeded in positioning EURR in the Tier 1 segment of stablecoins.
Main Euro Stablecoin Competitors (full market analysis here)
| Stablecoin | Issuer | Market Cap (May 2025) | Circulation (approx.) | Regulation / Compliance | Key Features |
|---|---|---|---|---|---|
| EURC | Circle | $246M (€217M) | 217M EURC | MiCA-compliant (France EMI) | Largest euro stablecoin, multi-chain, transparent |
| EURS | Stasis | €43M | 43M EURS | Centralized, Malta-based | Multi-chain, euro reserves, established since 2018 |
| EURT | Tether | €38M | 38M EURT | Centralized | Issued by Tether, fiat-backed, available on major CEX |
| EURA | Angle Protocol | €18M | 18M EURA | Decentralized, DeFi-focused | Multi-chain, RWA-backed, yield opportunities |
| CEUR | Celo | €9M | 9M CEUR | Algorithmic, Celo-based | Algorithmic, Celo ecosystem |
| EURR | StablR | €12.7M (reserves) | 12.65M EURR | MFSA-licensed, MiCA-relevant | Centralized, regulated, Bitfinex listing |
Strategic Investment from Tether
- In late 2024, Tether invested in StablR, aiming to strengthen its European presence as MiCA threatens USDT’s EU market access.
- Tether’s CEO Paolo Ardoino has publicly rejected MiCA compliance for USDT, calling the regulation “dangerous” for the banking sector.
- This partnership raises questions about StablR’s long-term regulatory alignment, given Tether’s anti-MiCA stance.
Critical Analysis
Leadership Concerns
- CEO Gijs op de Weegh and COO Corné van der Meijden are both former Payvision executives. Payvision, under their leadership, was implicated in extensive money laundering and cybercrime facilitation, as confirmed by the Dutch regulator DNB and widely reported in legal proceedings. The then CEO Rudolf Booker has
- ING, which acquired Payvision in 2018, later shut it down due to these illegal activities. Lawsuits from defrauded investors are ongoing.
- The choice to license StablR in Malta, rather than the Netherlands where its leadership is based, further raises transparency and regulatory arbitrage concerns.
Read more about Gijs op de Weegh and Payvision
Transparency and Compliance
- StablR’s transparency is questionable: its whitepaper is not publicly available, and requests for information reportedly go unanswered.
- The company has received an “Orange” risk rating from PayRate42, reflecting significant governance and operational concerns.
Regulatory and Strategic Risks
- MiCA’s strict requirements for stablecoin issuers make the backgrounds of StablR’s leadership especially problematic, as systemically important stablecoins must meet the highest standards of integrity and transparency.
- Tether’s refusal to comply with MiCA and its investment in StablR, a regulated EU issuer, may be perceived as an attempt to circumvent EU regulation, undermining confidence in StablR’s commitment to compliance.
Conclusion
While StablR has achieved technical and regulatory milestones, its leadership’s legacy and the involvement of MiCA-opposed Tether present significant reputational and compliance risks. The comparative performance of the StablR-issued stablecoins is mediocre at best. Investors should remain cautious and closely monitor both regulatory developments and the company’s transparency practices, as these factors will be critical to StablR’s long-term viability and trustworthiness in the European stablecoin market.
