StablR USD
USDRThe full report. Score, pillars, arithmetic, risk, scenario, signal and notes.
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About StablR USD
Analysis of 10 May 2026StablR USD (USDR) is a MiCAR-compliant USD-pegged stablecoin issued by StablR Ltd., an Electronic Money Institution licensed by the Malta Financial Services Authority (MFSA) since July 2024. Launched on December 6, 2024, USDR maintains a 1:1 dollar peg through full collateralization with fiat currency and short-term government bonds held in segregated accounts at regulated European financial institutions.
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The token is deployed as an ERC-20 on Ethereum with a TransparentUpgradeableProxy architecture based on the CENTRE Token codebase (the same foundation as USDC). StablR employs Fireblocks MPC-CMP technology for institutional-grade private key management, eliminating single points of failure in minting and burning operations.
Grant Thornton performs independent quarterly reserve attestations under ISRE 2400 Revised, complemented by daily reserve updates published on the StablR proof-of-reserves page. Within its first six months, StablR surpassed $3 billion in cumulative transaction volume across both USDR and its euro counterpart EURR, achieving listings on over 50 exchanges including Kraken, Bitfinex, Bybit, HTX, MEXC, and Phemex.
The company secured strategic investments from Tether in December 2024 and Kraken in July 2025, integrating with Tether's Hadron tokenization platform for compliance infrastructure including KYC, AML, and risk management tooling. StablR also partnered with Oobit to enable Visa and Mastercard POS integration for stablecoin payments across Europe.