crypto payment platform obit to integrate stablr's newly launched eurr and usdr tokens - both are pegged to fiat currencies and structured in compliance with the crypto-assets (mica) regulations of the european market.
As crypto exchanges continue to phase out USDT in favor of compliance with MICA regulations, two companies backed by Tether have launched new euro and dollar stablecoins in Europe.
The crypto payment app Obit will integrate Stablr's newly introduced Eurr and USDR tokens into its services. These tokens are both pegged to fiat currencies and structured in accordance with the Crypto-Assets (MICA) regulations of the European market. The stablecoins will be issued on Tether's "Real World Asset Tokenization" platform.
This move marks a strategic retreat for Tether, which was once the dominant force in the European stablecoin landscape linked to the euro. The Eurot token, which once had a $500 million market cap, withdrew after the introduction of MICA rules at the end of last year.
In a joint statement, the two companies said, "The implementation of MICA has sparked demand for compliant stablecoins in Europe." They added that this launch provides a way for Tether to maintain a foothold in the region.
Tether is not alone in adapting. Exchanges like Binance and Kraken have also started to phase out USDT across the European Economic Area due to compliance concerns.
Obit, which raised $25 million in an A-series funding round led last year, positions itself as a service for both consumers and merchants to facilitate crypto adoption. Its app will work with existing Visa and Mastercard terminals at points of sale.
Consumers using EURR or USDR for payments will receive a 5% cashback as part of the launch incentive program.
Amram Adar, CEO of Obit, said, "Integrating regulated stablecoins is a key step toward making crypto available at points of sale. We're not waiting for the future of payments; we're building it."
Stablr received an Electronic Money Institution (EMI) license from Malta's financial regulator earlier this year and was one of the first companies to deploy Tether's Bandron platform. This infrastructure supports regular reserve audits and compliance tracking, which can be used for other real-world assets such as stocks and bonds.
Following the exit of Eurot, the euro-stablecoin space has become more crowded. Circle's Eurc, Stasis' Eurs, and Société Générale's Eurcv have all made strides to vie for dominance in the expectedly growing market under stricter oversight.
Tether CEO Paolo Ardoino previously defended the company's activities in Europe, hinting last year that supporting projects like Stablr was part of a broader strategy to remain relevant in the region under new regulations.
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