StablR

StablR is a Malta-based issuer of euro- and dollar-pegged stablecoins (EURR and USDR), operating under the EU's MiCA framework. Its core business is issuing 1:1 fiat-backed electronic money tokens, with reserves held in cash and equivalents, independently audited and published in near real-time. The company's key differentiator is regulatory compliance combined with on-chain transparency—it aims to solve the market's pain point of opaque and under-collateralized stablecoins by providing a verifiable proof-of-reserve system and a recovery plan that activates in case of reserve shortfalls.

In the past six months (February–August 2026), StablR experienced a major cybersecurity incident. In May 2026, an attacker exploited a single-signature wallet vulnerability, minting approximately $13.5 million in unbacked tokens (835万 USDR and 450万 EURR). This caused the stablecoins to depeg by up to 50% (EURR dropped to $0.548). The company froze token operations, activated its recovery plan in June, and issued multiple security updates (June 10, July 8, and July 28). As of late July, the recovery process was ongoing, with the company notifying holders and working to restore compliance. The incident highlighted the risks of centralized custody but also demonstrated StablR's commitment to transparency through its public disclosures.