StablR Ltd (Malta, C 104007) positions itself as a MiCA-ready euro-stablecoin issuer. Official filings show a simple Dutch holding chain, but deeper registry work and legacy links to Payvision’s cyber-crime scandal raise doubts about the project’s true beneficial owners (UBOs). While no hard evidence yet ties Payvision founder Rudolf Booker (or other ex-shareholders) directly to StablR, multiple red flags—including addresses previously used by Booker-controlled entities and a board dominated by former Payvision managers—demand regulatory scrutiny.
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 and 5,400,469 USDR issued.