StablR, founded by Gijs Op de Weegh in 2023, has raised concerns due to his past with Payvision, a payment processor linked to fraud. Despite raising €3.3 million in seed funding and launching the EURR stablecoin, transparency issues persist. Payvision’s history of involvement in illicit activities and money laundering, coupled with legal troubles, casts doubt on StablR’s leadership. Questions about compliance and regulatory oversight remain, highlighting the need for robust governance in the stablecoin market.
Background and Financing
StablR, licensed as an e-money institution in Malta since July 2024, announced a €3.3 million seed financing round, raising questions about the absence of disclosed valuation. The EURR stablecoin is backed by fiat reserves, but details on the composition and location of these reserves are unclear, raising transparency concerns.
Leadership and Past Controversies
Founder Gijs Op de Weegh’s past as COO of Payvision, a company involved in fraud and money laundering, casts a shadow over StablR. Legal issues and controversies during his tenure at Payvision question his suitability to lead a stablecoin issuer.
Transparency and Compliance Concerns
StablR lacks transparency, with its whitepaper not publicly available and unanswered requests for information. This raises concerns about compliance, especially given the past actions of its leadership. The association of other executives with Payvision further complicates trustworthiness.
Implications for StablR
The legacy of Payvision, with its money laundering issues and legal disputes, casts doubt on StablR’s compliance and operational integrity. The involvement of former Payvision executives raises questions about governance and oversight, emphasizing the need for rigorous regulatory scrutiny in the stablecoin market.