StablR
StablR is a company in Malta that issues two stablecoins: EURR, pegged to the euro, and USDR, pegged to the US dollar. Both are e-money tokens, units of money on public blockchains that are designed to be redeemable one to one for the currency they track. StablR issues them on Ethereum and Solana.
Exchanges and payment apps list the tokens so that users can move euro or dollar amounts between wallets. Since a security incident in May 2026, StablR has suspended the minting and redemption of both tokens. The company has asked trading venues to suspend trading, deposits and withdrawals of EURR and USDR until further notice.
License from the Malta Financial Services Authority
StablR Ltd is authorized as an electronic money institution by the Malta Financial Services Authority, which allows it to issue e-money tokens under MiCA. StablR announced the license on 1 July 2024. Under MiCA every e-money token must be redeemable at par, and its reserves must be kept separate from the issuer's own money. StablR states that EURR is fully collateralized in segregated accounts. The crypto exchange Kraken holds a stake in the company.
The security incident of May 2026
On 24 May 2026 an attacker took control of the multisignature wallet that authorizes new EURR and USDR. The security firm Blockaid traced the attack to the compromised key of one signer in a setup where one of three signatures was enough, The Block reported. The attacker minted about 4.5 million EURR and 8.35 million USDR without backing and sold part of them on decentralized exchanges, which pushed both tokens below their peg.
On 29 May StablR activated its recovery plan, notified the MFSA and suspended minting and redemption. The company says the safeguarded assets it held before the incident are intact, in segregated accounts and money market funds. On 25 August StablR disclosed that about 6.41 million EURR and 14.33 million USDR created without authorization are in circulation and not backed by reserves, and that redemption remains suspended, as the investor protection group EFRI documented.
Upcoming events on stablecoins and digital money
Is StablR regulated?
Yes. StablR Ltd is an electronic money institution authorized and supervised by the Malta Financial Services Authority, with a license to issue e-money tokens under MiCA.
Can EURR be redeemed for euros?
Not at the moment. StablR suspended minting and redemption of EURR and USDR after the security incident of 24 May 2026 and has not announced when redemption resumes.
What happened to EURR?
An attacker gained control of the minting wallet on 24 May 2026 and created EURR and USDR without backing. Both tokens fell below their peg, and StablR activated its recovery plan.
StablR and Finance Loop
Euro e-money tokens belong to Finance Loop's Payments & Digital Money track. Finance Loop is a partner of the Digital Euro Association, whose conference puts euro stablecoins on the agenda next to the digital euro.
Finance Loop is a professional network and has the goal of driving the adoption of emerging technologies in finance, such as AI, digital payments, cloud and blockchain solutions. Finance Loop helps its members build skills and personal networks in these fields: Investment & Digital Assets, Payments & Digital Money, Digital Infrastructure & Sovereignty, and Risk & Compliance.