StablR

StablR is a company in Malta that issues two stablecoins. EURR tracks the euro and USDR tracks the US dollar. Malta's financial regulator has licensed it under MiCA, the EU's rules for crypto. StablR is not Stable, the payments blockchain. Its EURR is also not the EURR that Revolut launched in August 2026.

The key fact about StablR is that it is frozen. In May 2026 an attacker broke in and made millions of tokens with no money behind them. StablR then stopped making new tokens and stopped paying out old ones. Its last update, on August 25, 2026, gave no date to reopen.

How StablR's EURR and USDR stablecoins work

EURR and USDR are backed by cash. A business sends euros or dollars to StablR, and StablR makes the same number of tokens. Sending the tokens back gets the cash back. Each token should have one euro or one dollar behind it, held apart from StablR's own money.

MiCA calls these e-money tokens. The issuer needs a licence, must hold full reserves, and must pay holders back at face value. StablR says its reserves sit in separate bank accounts and money market funds. Its proof-of-reserve page says the accounting firm Grant Thornton checks them each quarter.

You cannot mint as a private person. StablR's docs say "qualified businesses" can apply for an account, then buy and sell tokens through its API "at no additional cost". Everyone else had to buy the tokens on an exchange.

EURR on Solana: mint address and supported chains

EURR is on Solana, but USDR is not listed there. StablR's contract docs give a Solana mint for EURR only. The mint is HViRSvsTpwubWHevjSPxNB22Fg3kdzXtedfQXmMoHtoZ, and you can see it on our EURR token page. Check the mint before you accept a token called EURR, because more than one token now uses that name.

The same docs list both tokens on Ethereum, Plasma and Concordium. Ethereum is the home chain. StablR's product pages describe EURR and USDR as Ethereum tokens, and the May 2026 attack was reported there.

When Tether USDT$0.998+0.0% invested in December 2024, the news described both tokens as working on Solana, The Block reported. The docs now say less. Treat any "USDR" on Solana as unproven unless StablR posts a mint for it.

On Solana, EURR uses the first SPL Token program. Jupiter's token data, read in October 2026, shows a mint key and a freeze key set on it. That means the issuer can make new EURR and can freeze a wallet's EURR.

What happened in the StablR hack of May 2026

On May 24, 2026, an attacker got into part of StablR's systems and made EURR and USDR that no one had paid for. StablR said so the next day. It also said the tokens in use were no longer fully backed. Both tokens fell below their pegs as the attacker sold.

The Block reported that the weak point was a shared wallet that could mint tokens on Ethereum. Three people held keys to it, but any one of them could act alone. Security firm Blockaid said one of those keys was stolen. The attacker used it to take over the wallet, lock out the real owners and mint new tokens.

The count has grown since then. On the day, The Block counted 8.35 million USDR and 4.5 million EURR. It put the attacker's take at about $2.8 million, because there were few buyers.

StablR's own review came out on August 25, 2026. It found about 14.33 million USDR and 6.41 million EURR of fake tokens still in use. StablR has not said in public why its count is higher.

StablR told the Malta Financial Services Authority (MFSA) and the police. On May 29 it started its Recovery Plan, the crisis plan that MiCA makes each issuer keep ready. It also asked exchanges to stop trading, deposits and withdrawals in both tokens.

Can you redeem EURR or USDR now?

No. Minting and redemption of EURR and USDR have been suspended since May 2026, and StablR's August 25, 2026 update said the suspension remained in place. The company says it is working toward an "orderly resumption" under MFSA supervision, with no date given.

StablR has said two things that matter to holders. First, the reserves it held before the attack are intact and separate from company funds. Second, no further unauthorised tokens have been created since May 24.

It has not said how it will treat the unauthorised tokens, or whether a holder who bought them unknowingly will be paid out. Its updates also do not say whether the tokens will move to new contracts. StablR's Insights page is the official channel for news. The company warns that it will never ask for private keys, seed phrases or payments, so treat any "redemption" offer that does as a scam.

Who StablR is for

StablR was built for firms in Europe that need a licensed euro or dollar token. Think exchanges, payment firms and company cash desks. Only a business with a StablR account can mint or cash out with StablR itself. A private user could only buy EURR or USDR on an exchange.

While the freeze lasts, StablR is not a working choice for anyone new. No one can mint, and holders cannot cash out. If you hold EURR or USDR now, what happens next is up to StablR and the MFSA.

On Solana, only EURR was ever on offer. If you need a euro stablecoin there that you can use now, see the other options below.

Is StablR safe? Risks for EURR and USDR holders

StablR's reserves and its licence did not stop the failure that mattered, which was control of the minting keys. A stablecoin is only as safe as the keys that can print it. That is the main lesson of the May 2026 attack for anyone judging the tokens.

The Ethereum contracts can also be changed. StablR's documentation says they use a proxy design, which lets the issuer swap in new contract code. On Solana, the mint key and the freeze key are both active. Neither the docs nor the incident updates we read say how those keys are now held, or how many people must sign.

Redemption is the next risk. Holders have been locked out since May 2026, with no timetable and no public statement on unauthorised tokens. Prices on any venue still trading may not reflect face value.

The regulatory outcome is open too. StablR remains listed as MFSA-authorised on its own site, and the MFSA is supervising the recovery. This is one of the first times a MiCA-licensed stablecoin issuer has gone through a failure like this, so there is little precedent for how it ends.

We found no public smart contract audit report for EURR or USDR in StablR's site or documentation.

StablR EURR vs EURC and other euro stablecoins

For a euro stablecoin on Solana, Circle's EURC is the main choice. StablR's EURR cannot take new money while minting is frozen. EURC makes up most of the euro stablecoin supply, and Solana is the second-largest chain for these tokens. We covered both points in our September 2026 look at the euro stablecoin market.

Take care with the name EURR. Revolut launched its own euro stablecoin called EURR on August 26, 2026. Bridge's Luxembourg arm issues it. It began on Ethereum and Polygon, and Solana is on its list of planned chains, Trending Topics reported. It has no link to StablR. A token named EURR could be either one, so check who issued it and check the mint.

Before the attack, StablR's pitch was a euro token and a dollar token from one MiCA-licensed issuer, with bank transfers in and out for businesses. That offer is on hold until the freeze ends.

Who owns StablR: MiCA licence, Tether and Kraken

StablR Ltd. is a Malta company, and the MFSA oversees it. It announced its e-money licence on July 1, 2024. MiCA requires that licence to issue a euro or dollar stablecoin in the EU. The founder and chief executive is Gijs op de Weegh.

Two big crypto firms have put money in. Tether, which issues USDT, bought a stake in December 2024. As part of that deal, StablR agreed to use Hadron, Tether's tool for issuing tokens. Kraken invested in July 2025. Neither firm said how much.

By the time Kraken invested, StablR said its tokens were on more than 50 exchanges. It later added the Concordium chain. Every public update since the attack has been about the attack.