StablR USD (USDR) is a fiat-collateralized stablecoin designed to maintain a 1:1 peg with the United States Dollar. Issued by the Malta-based and licensed Electronic Money Institution (EMI), StablR Ltd., the token operates on the Ethereum and Concordium blockchains. ^{[1] [2]} USDR combines the stability of traditional fiat currency with the efficiency of blockchain technology, aiming to provide a regulated and transparent digital dollar for cross-border payments, trading, and decentralized finance (DeFi). ^[3]​

Overview

StablR USD was developed to function as a bridge between traditional finance (TradFi) and the digital asset ecosystem. ^[4] It is structured as an Electronic Money Token (EMT) and is designed to be compliant with the European Union's Markets in Crypto-Assets (MiCAR) regulation. The issuer, StablR Ltd., also offers a Euro-pegged stablecoin, StablR EUR (EURR), under the same regulatory framework. ^[1]​

The primary objective of USDR is to serve as a reliable digital alternative to the US dollar for both institutional and individual users. Its key use cases include facilitating faster and cheaper international payments, providing a stable store of value, and serving as a unit of account within the crypto economy. ^{[2] [5]} The token is fully backed by reserves of fiat currency and secure, low-risk assets held in segregated accounts. StablR provides daily attestations of these reserves on its website to ensure transparency. ^{[6] [3]}​

Access to mint and redeem USDR directly is available to qualified businesses that complete StablR's onboarding process. These businesses can use a proprietary platform and API to convert between USD and USDR. For the general public, USDR is accessible through a wide range of cryptocurrency exchanges and platforms. ^{[3] [2]}​

History and Development

The development of the core infrastructure for StablR's stablecoins began in the first half of 2022. StablR Ltd. was officially registered as a limited liability company in Malta on December 23, 2022. The company initially focused on its Euro-pegged stablecoin, EURR, deploying its ERC-20 smart contract on the Ethereum mainnet between January and June 2023. The whitepaper for EURR was authorized by the Malta Financial Services Authority (MFSA) on June 5, 2023, and the first EURR tokens were minted for customers in October 2023. ^[1]​

​StablR Ltd. applied for an Electronic Money Institution (EMI) license with the MFSA on December 1, 2023, which was officially granted on June 21, 2024. Following this regulatory milestone, the company proceeded with its second stablecoin offering. Between October and November 2024, StablR issued USDR to the market, deploying its smart contract and establishing the necessary USD safeguarding accounts. The first USDR stablecoin was minted on January 8, 2025. ^[1]​

Throughout 2025, StablR focused on expanding the ecosystem for its stablecoins. Key milestones included:

• January 31, 2025: USDR and EURR began trading on the Kraken exchange. ^[4]
• March 26, 2025: StablR USD support was added to the Zengo Wallet. ^[6]
• April 2, 2025: The UZX exchange listed USDR with USDR/USDT and USDR/USDC trading pairs. ^[6]
• April 11, 2025: AscendEX listed both USDR and EURR. ^[4]
• May 2025: Listings followed on Bitci, CoinUp.io, and MGBX exchanges. ^[4]
• July 21, 2025: The cryptocurrency exchange Kraken made a strategic investment in StablR to support stablecoin adoption. ^[6]
• July 28, 2025: The MEXC exchange launched a "Launchpool" staking event for USDR. ^[4]
• September 9, 2025: StablR announced the integration of both USDR and EURR into the Concordium blockchain's PayFi network. ^[6]

Future plans outlined in late 2025 included developing enhanced wallet infrastructure and expanding to another EVM-compatible Layer 1 blockchain. ^[1]​

Issuer and Regulatory Framework

StablR USD is issued by StablR Ltd., a company registered in Malta and an authorized Electronic Money Institution (EMI) regulated by the Malta Financial Services Authority (MFSA). StablR Ltd. is a wholly-owned subsidiary of Plutus B.V., a parent company based in Amsterdam, Netherlands. The EMI license, granted on June 21, 2024, allows StablR to issue Electronic Money Tokens (EMTs) in compliance with Regulation (EU) 2023/1114 on Markets in Crypto-Assets (MiCAR). ^[1]​

As a regulated entity, StablR adheres to the Anti-Money Laundering (AML) and Counter-Financing of Terrorism (CFT) requirements set by Malta's Financial Intelligence Analysis Unit (FIAU). This includes conducting customer due diligence, risk profiling, and ongoing transaction monitoring for all users who wish to mint or redeem USDR directly through the StablR platform. ^[1]​

The company’s legal framework specifies that USDR token holders have a direct claim and a right to redeem their tokens for fiat USD at par value (1:1) at any time, subject to the completion of the required AML/CFT onboarding procedures. The token does not grant any voting rights, ownership in StablR Ltd., or rights to dividends. The whitepaper clarifies that USDR is not covered by the investor compensation schemes or deposit guarantee schemes prevalent in traditional banking. Any disputes are governed by the laws of Malta and are to be settled via arbitration. ^[1]​

Technical Architecture

Reserve and Backing Mechanism

USDR is 100% collateralized by a reserve of assets, consisting of fiat USD currency and other secure, low-risk liquid assets. StablR's business model relies on the interest generated from these reserve assets. In accordance with safeguarding rules under MiCAR and the Financial Institutions Act of Malta, all reserve funds are held in segregated accounts at top-tier financial institutions, completely separate from the company's own operational funds. This segregation is designed to insulate customer assets from the issuer’s financial health. ^{[1] [6]}​

To maintain transparency, StablR publishes daily reserve attestations on its website. These reports show the total supply of circulating USDR against the total value of USD held in reserve. The company also undergoes quarterly reviews and a full yearly financial audit, including the reserves, conducted by the auditing firm Grant Thornton. ^{[1] [3]}​

Blockchain and Smart Contracts

​StablR USD operates on multiple blockchains to enhance its utility and interoperability. ^[1]​

• Ethereum: USDR is issued as an ERC-20 token on the Ethereum blockchain. The smart contract, with address 0x7b43e3875440b44613dc3bc08e7763e6da63c8f8, governs the token's functions, including minting, burning, and transfers. ^{[6] [5]}
• Concordium: USDR is also available as a Protocol-Level Token (PLT) on the Concordium layer-1 blockchain, as part of an integration to support Concordium's PayFi network. ^[1]

The architecture is built on Distributed Ledger Technology (DLT) and leverages smart contracts for token management. The system is designed to operate on Proof-of-Stake (PoS) consensus mechanisms, which are generally more energy-efficient than Proof-of-Work mechanisms. ^[1]​

Security

​StablR employs a multi-layered security strategy to protect its platform and user assets. The private keys that control the minting and burning functions of the USDR smart contract are secured using Multi-Party Computation (MPC) technology provided by Fireblocks. ^{[1] [5]}​

Critical governance actions, such as minting new tokens or burning redeemed ones, require a threshold of approvers from within the organization, adding an operational layer of security. The company's technical infrastructure is hosted on Amazon Web Services (AWS) with a primary server location in Ireland and a disaster recovery site in Frankfurt, Germany. Data is encrypted both at rest and in transit using Amazon Key Management Service (KMS). ^[1]​

Tokenomics and Supply

StablR USD is designed to maintain a stable value pegged 1:1 to the United States Dollar. The total supply of USDR is dynamic and not capped. It expands when authorized institutions deposit USD to mint new USDR and contracts when USDR is redeemed for USD. This mint-and-burn mechanism is the primary method for maintaining the peg. As of December 11, 2025, the total supply in circulation was 7,667,407 USDR, backed by total reserves of 7,770,902 USD. ^{[6] [5]}​

The token recorded an all-time high price of 0.9808 on March 7, 2025. Data from CoinMarketCap in early 2025 noted an unusually high 24-hour trading volume relative to its market capitalization, which at the time was over 8 million. This suggests a potential data reporting anomaly or periods of highly concentrated trading activity. ^[5]​

Ecosystem and Adoption

USDR is intended for a broad range of applications, including payments, trading, liquidity management, and as a store of value. The project's target audience includes market makers, exchanges, asset managers, and payment companies. ^[1]​

To promote adoption, StablR has pursued partnerships and secured listings on numerous platforms. Strategic partners include:

• Kraken: The exchange made an investment in StablR in July 2025 to foster stablecoin adoption.
• Oobit: A partnership was announced in May 2025 to integrate StablR's stablecoins into Oobit's crypto payments platform in Europe.
• Concordium: USDR and EURR were integrated into Concordium's PayFi network to enhance payment solutions on that blockchain.

USDR is available for trading and use on a wide variety of platforms, including AscendEX, Bitfinex, Bybit, HTX, Kraken, Phemex, and WhiteBIT, among others. Wallet support is provided by services such as Zengo Wallet. ^{[6] [2]}​

Sustainability

In compliance with MiCAR disclosure requirements, StablR's whitepaper includes an annex detailing the principal adverse environmental impacts of the consensus mechanisms used by the blockchains on which USDR operates. Since USDR runs on Proof-of-Stake (PoS) networks like Ethereum, the reported energy consumption and carbon footprint are significantly lower than those of Proof-of-Work systems. For the period of January 1, 2025, to September 30, 2025, the estimated total energy consumption attributed to the stablecoin's activity on Ethereum was 32.304 kWh, with an average of 0.009 kWh per transaction. The total greenhouse gas emissions for this activity were estimated at 0.0098 tonnes of CO2 equivalent. The person responsible for monitoring these environmental impacts is CTO Robin Nijkamp. ^[1]​