Stablecoin issuer Paxos has agreed to acquire Membrane Finance, a regulated electronic money institution based in Finland. The purchase, if approved by local regulators, would make the company a fully licensed EMI in the European Union.
“This acquisition will allow Paxos to expand its globally regulated platform to serve European customers in a safe and compliant way,” the company wrote Tuesday in a press release.
Head of Strategy at Paxos Walter Hessert noted stablecoins are rapidly growing into an “everyday” consumer product.
“With Membrane, we expect to extend our reach to EU customers looking to benefit from stablecoins,” he said in the release.
Membrane is the issuer of the Ethereum-based EURe stablecoin pegged to the euro. When it launched in 2023, the company referred to the token as "Europe’s first and only E.U.-regulated full-reserve stablecoin and payment network."
Paxos is a regulated, U.S.-based blockchain company that provides crypto brokerage and stablecoin management services. It has helped major firms like Binance and PayPal issue branded stablecoins.
The move comes five months after the E.U.’s comprehensive Markets in Crypto Asset regulations for stablecoins came into effect, opening the door for issuers to register to enter the trading bloc. MiCA regulations set standards for up to 60% of an issuer's stablecoin reserves to be held at banks.
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