StablR’s EurR Stablecoin: Building a Strong Foundation in the Crypto Market
StablR, a stablecoin startup, has secured a €3.3 million ($3.5 million) investment in a seed round, with participation from Deribit, Maven 11, Theta Capital, Folkvang, and Blocktech.
They launched their euro-based stablecoin, EurR, in October, with over 10 million tokens minted in its first month. StablR aims to set a new standard for stability and trustworthiness in the stablecoin market. The company, officially registered as a Virtual Financial Asset Issuer in Malta, provides transparency through daily on-chain statements via Chainlink and keeps funds in a fully segregated Irish Trust managed by an independent asset manager.
The focus is on bringing liquidity to both DeFi and CeFi markets, potentially attracting more users to the crypto space and offering an alternative to USD-pegged stablecoins, which may become more competitive as regulatory clarity, like MiCA enforcement, progresses. This development is significant for the European region, where the demand for euro-pegged assets is on the rise, aligning with various financial activities conducted in euros and international trade using on-chain FX markets.
Clever Robot News Desk 8th November 2023
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