Two Tether-backed startups launch a MiCA-compliant initiative as stablecoin giant exits European market

Two Tether-backed companies have launched a MiCA-compliant stablecoin initiative in Europe leveraging Tether’s new tokenization platform called Hadron. 

As part of the plan, crypto payments firm Oobit will integrate StablR’s fiat-pegged stablecoins — StablR Euro (EURR) and StablR USD (USDR) — into its platform, enabling users across the European Union to begin spending and saving in stablecoins, according to an announcement on Tuesday. 

The move comes a few months after Tether, the issuer of the largest stablecoin by market capitalization, USDT, was forced to pull its lesser-known euro-pegged stablecoin, EURT, from the European market, in part due to the Markets in Crypto-Assets requirements. 

“As anticipated, MICA’s full implementation has triggered a demand for regulatory-compliant stablecoins in European markets, prompting affected entities such as Tether, the largest stablecoin issuer, to look for alternative solutions to continue serving the European stablecoin market,” the firms wrote in a statement.

Tether’s EURT, pulled late last year, previously dominated the euro stablecoin market, reaching an all-time high of $500 million in market cap. However, following the phased rollout of select MiCA provisions beginning last June, compliant stablecoins like Stasis’ EURS, Circle’s EURC, and Société Générale’s EURCV began to overtake it in market share.

Additionally, exchanges including Binance and Kraken have begun discontinuing support for Tether’s USDT across the European Economic Area (EEA) to comply with MiCA. 

“By integrating MiCA-compliant stablecoins like EURR and USDR, Oobit is setting the standard for how digital assets should function — regulated, intuitive, and accessible at scale,” Oobit CEO Amram Adar said in a statement. “This is a critical step in our mission to make crypto a primary medium of exchange.”

To incentivize adoption, users will receive 5% cashback in stablecoin rewards when using either EURR or USDR.

Oobit is a tap-to-pay mobile crypto payment app that is integrated with both iOS and Android and leverages existing Visa and Mastercard point-of-sale systems. Meanwhile, StablR is a scalable stablecoin platform that issues euro and dollar-pegged assets. StablR will use Tether’s Hadron tool as part of its compliance system, including regular audits of its asset reserves. 

Oobit, launched in 2017, raised $25 million in Series A funding led by stablecoin giant Tether last year. Other investors include CMCC Global’s Titan Fund, 468 Capital, and Solana co-founder Anatoly Yakovenko. 

Tether CEO Paolo Ardoino specifically noted at the time of the firm’s investment in StablR, late last year, that it was a bid at maintaining a presence in Europe. In 2024, StablR secured an Electronic Money Institution (EMI) license from the Malta Financial Services Authority, enabling the issuance of fully regulated stablecoins across Europe. The startup was one of the first users of “Hadron by Tether,” a dedicated tokenization platform for real-world assets like stocks, bonds, commodities, funds, and reward points.

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