Euro stablecoin startup lands €3.3 million seed round

Quick Take

  • Shortly after minting its first stablecoins, StablR said it had won the backing of Deribit, Maven 11, Theta Capital, Folkvang and Blocktech.

StablR, a stablecoin startup that launched last year, today announced a €3.3 million ($3.5 million) seed round to build out its euro-based stablecoin business.

Deribit, Maven 11, Theta Capital, Folkvang and Blocktech all participated in the round. No valuation was disclosed.

StablR began issuing its euro-backed stablecoin, which carries the ticker EurR, on October 12 — and said that more than 10 million of the tokens have been minted in its first month. The startup began operations a little over a year before, in August 2022.

In its announcement, StablR said it hopes to transform the stablecoin market by establishing “a fresh benchmark for stability and trustworthiness.” The startup highlighted several core features of the product. It is officially registered as a Virtual Financial Asset Issuer in Malta; it will provide a high level of visibility on its reserves through daily statements brought on-chain through Chainlink; and funds are fully segregated from the issuer in an Irish Trust that is managed by an independent asset manager.

“The assets are held in a fully seg