StablR
Key Data
- Trading Name: StablR
- Legal Entity: StablR Limited
- Activities: Stablecoin Issuer (EURR)
- Location: Malta
- Regulations: authorised by the Malta Financial Services Authority
- Key People: Gijs op de Weegh, Corné van der Meijden, Robin Nijkamp
- Latest news: StablR
- Latest update: July 18, 2024
StablR is the issuer of EURR, a Euro-pegged stablecoin. The operator is StableR Limited, a company registered in Malta with an e-money license under the MiCA regime issued by the Maltese MFSA. In fact, StablR is a Dutch project that is operated by a company registered and licensed in Malta.
Financial Situation
On July 18, 2024, StablR announced a €3.3 million seed round to build out its euro-based stablecoin business. Deribit, Maven 11, Theta Capital, Folkvang, and Blocktech participated in the round. No valuation was disclosed.
The Stablecoin Offering
StablR offers a Euro-pegged stablecoin (EURR) for various uses, including personal transactions, business operations, and financial inclusion. Key aspects of their offering include:
- EURR Stablecoin: Pegged to the Euro, ensuring stability.
- Financial Inclusion: Aims to provide access to digital financial services for the unbanked and underbanked.
- Business Solutions: Offers benefits like faster settlements and lower transaction costs for businesses.
According to Chainlink data, EURR had a reserve in the amount of EUR 3,470,754 on July 18, 2024.
Compliance Check
StablR is authorized by the Malta Financial Services Authority under the Financial Institutions Act (Chapter 376 of the Laws of Malta) as a Financial Institution authorized to issue Electronic Money. According to the other company information, the EUUR stablecoin is fully MiCA-compliant.
Our review noticed that the white paper cannot be downloaded. This requires a separate request via the contact form. This is rather strange because the whitepaper for a stablecoin should be easily accessible.
Customer Reviews
Regrettably, no customer reviews or feedback pertaining to the company have been sourced thus far.
Troubling PayVision Legacy
StablR, founded by Gijs op de Weegh, one of the co-founders and directors of the notorious Dutch payment processor Payvision, warrants critical scrutiny. Additionally, StablR’s Chief Risk Officer, Corné van der Meijden, has been the Payvision CFO until 2020. Their history with Payvision is marred by significant controversies and legal issues, raising severe concerns for potential users and investors of StablR.
Involvement in Financial Crime:
Payvision faced substantial criticism and legal action for allegedly providing payment services to criminal organizations. These services facilitated large-scale fraud and cybercrime, resulting in significant illegal profits. According to reports published by FinTelegram, op de Weegh signed the Payvision contracts with the cybercrime organizations of the late Uwe Lenhoff and the convicted Gal Barak.
Regulatory Violations:
Dutch financial regulators investigated the company and penalized it for systematic breaches of Anti-Money Laundering (AML) and Know-Your-Customer (KYC) regulations during the time Op de Weegh was one of the directors. Despite the severity of these violations, the former directors received relatively minor fines, calling into question the effectiveness of regulatory penalties.
Closure and Aftermath:
Due to the serious allegations and ongoing legal challenges, ING announced the cessation of Payvision’s operations by early 2023. However, the legal battles continue, with victims of the scams enabled by Payvision still seeking compensation.
Conclusion and Rating
StablR has the necessary regulatory authorization to issue a stablecoin of a stablecoin in the EU within the MiCA regime and could, therefore, be placed on the Green Compliance List. However, we do not consider the founder and CEO trustworthy due to his past at Payvision. We, therefore, only award an Orange Compliance Rating. With the same argument, we put StablR on the Orange Risk List.
