StablR Euro (EURR)
StablR Euro (EURR) is a euro stablecoin issued by StablR Ltd, a Malta e-money institution authorised under MiCA. On 24 May 2026 an attacker gained access to the minting keys and issued unbacked tokens. StablR suspended minting and redemption, asked exchanges to halt trading, and activated its recovery plan. The company reports that the safeguarded reserves held before the incident remain intact. Updates continue while the suspension holds.
A MiCA-authorised euro stablecoin whose minting keys were compromised in May 2026. Minting, redemption and trading are suspended under a recovery plan. Rated as it stands today, a stablecoin that is not stable.
M69 Score
Scored against the Money2069 Manifesto — see methodology. Higher = more aligned.
Detailed Rating Breakdown
Issuance Model3x2.0
Designed as one to one euro-backed with proof of reserve, but a one-of-three multisig let an outsider mint about $13.5M unbacked tokens in May 2026. The issuance rule failed in practice.
Spending Power Stability2x1.0
EURR trades far below par with redemption suspended (DefiLlama 2026-08-26: about 0.84M in circulation, price near 6 cents on the dollar). No stability at present.
Fiat Independence & Interoperability2x1.0
Euro wrapper on Ethereum and Solana, generic rails, no independence from fiat.
Traction2x1.0
Under 1M EURR outstanding, trading and redemption suspended since May 2026, exchanges asked to halt deposits and withdrawals.
Sovereignty1.0
Holders cannot redeem or move value out at par. Everything waits on the issuer's recovery process and the regulator.
Governance2.0
Single company under MFSA supervision. Regular public incident updates since May, but the failure came from key management inside the company.
Resilience1.0
The first MiCA e-money token to fail under attack. Recovery plan active three months later, no timeline for migration or reopening.
Inclusivity1.0
Small institutional-facing token, now frozen for everyone.