According to The Block, two European companies invested by Tether, StablR and payment application Oobit, have jointly launched a stablecoin program that complies with the EU's Crypto Asset Market Act (MiCA). The Euro pegged stablecoin EURR and US dollar pegged stablecoin USDR issued by StablR will be integrated into the Oobit payment system, and users can receive a 5% stablecoin cashback when using them. This move comes at a time when Tether is gradually withdrawing from 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. The currency had previously peaked at a market value of $500 million. Exchanges including Binance and Kraken have also begun to delist USDT from the European Economic Area.
StablR holds an Electronic Currency Institution (EMI) license issued by the Malta Monetary Authority and conducts compliance audits using Tether's Hadron asset tokenization platform. Oobit received a $25 million Series A financing led by Tether in 2024, with investors including Solana's Anatoly Yakovenko.
