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About StablR
StablR is a licensed electronic money institution in Malta that issues EURR, pegged to the euro, and USDR, pegged to the dollar, under the EU MiCA framework, with tokens circulating as ERC-20 assets on Ethereum and SPL assets on Solana. It addresses the problem that European institutions cannot readily use dollar stablecoins that lack EU authorisation: reserves are held 1:1 in segregated accounts at regulated financial institutions, separate from operating capital, holders keep redemption rights at par, and issuance plus token lifecycle management run through Tether's Hadron platform. The product targets payment processors, market makers, DeFi protocols and merchants that need euro settlement.
Customers concentrate among EU institutions that require MiCA-compliant euro and dollar rails, with the tokens listed on venues such as Bitfinex and Kraken and integrated into DeFi protocols as collateral. The difference from Circle, Quantoz and comparable authorised issuers is one of scale, and that StablR outsources its issuance stack to Tether. On 24 May 2026 StablR detected unauthorised access to its platform infrastructure, suspended minting and redemption of EURR and USDR, and acknowledged that circulating supply was no longer fully backed at 1:1.
On May 24, 2026, an attacker used one key of a 1-of-3 multisig to take over StablR's minting wallet for EURR and USDR, creating about 8.35 million unbacked USDR and 4.5 million EURR; both tokens lost their pegs, EURR fell to $0.7 and the attacker realised roughly $2.8 million to $3.15 million.
StablR activated its recovery plan on May 29 and notified the Malta Financial Services Authority, suspending minting and redemption; on August 25 it disclosed that about 14.33 million USDR and 6.41 million EURR without reserves were still in circulation, and its October 19 update reported "no material developments" with no date for resuming redemption.
Gijs op de Weegh — Founder & CEO; law graduate; co-founded and led the payment processor Payvision from 2002; founded StablR in 2022 to issue MiCA-compliant EURR and USDR.
Robin Nijkamp — CTO; former CTO of Safened and head of product at AfterPay.
Corné van der Meijden — Chief Risk & Operations Officer; former CFO of Payvision and manager at Deloitte.
Julia Frendo — CFO; responsible for corporate finance and stablecoin reserve reporting.
On 21 June 2024, StablR received an Electronic Money Institution (EMI) licence from the Malta Financial Services Authority (MFSA)， authorising it to issue the e-money tokens (EMT) EURR and USDR under the EU Markets in Crypto-Assets Regulation (MiCA).