StablR confirms more than 20 million unbacked token units remain in circulation StablR has for the first time quantified the unauthorised EURR and USDR tokens still in circulation. According to the issuer, 6.41 million EURR and 14.33 million USDR of unauthorised tokens remain in circulation without corresponding reserve assets. The
Austria Builds a Stronger Payment-Blocking Regime — but Repeats Germany’s Blind Spot Government Bill 594 d.B., XXVIII. GP (amendments to the Glücksspielgesetz and the Telekommunikationsgesetz 2021); introduced in the Nationalrat on 5 August 2026. The new § 56e GSpG enters into force at the end of 31 December 2026. EFRI
StablR: EFRI asks MFSA what became of its 2025 ‘exhaustive analysis’ One year after the Malta Financial Services Authority told EFRI that it was conducting an “exhaustive analysis” of concerns surrounding StablR Ltd, EFRI has returned to the regulator. Two significant developments make renewed scrutiny necessary: the May 2026 StablR
Banking Circle 2025: The Payments Bank Whose Largest Fee Line Is Not Payments An EFRI financial-structure analysis based on Banking Circle S.A.’s audited financial statements for 2022–2025, its regulatory disclosures and its own product descriptions. It makes no finding of criminal or regulatory misconduct. Where the accounts do not permit
Banking Circle’s vIBAN Model in Practice: Kraken, Bano and the Look-Through Problem EFRI has repeatedly argued that the principal risk of virtual IBAN structures is not the IBAN itself. It is the separation between the bank whose name appears in the payment chain, the regulated intermediary that is the bank’s
FINOM/Banking Circle/Triventa: a €314k pass-through at a DNB-licensed EMI A fact-based EFRI Case Note built on the FINOM account statement, Companies House filings, Banking Circle’s Article 15 GDPR response, the DNB register and public-register publications, a Sumsub onboarding report, correspondence, a Kifid decision and published Dutch judgments. It makes no
The OCC’s Rejection of bunq: A Continuing Fit-and-Proper Question for DNB The refusal of bunq’s U.S. banking charter is not simply a failed expansion project. For De Nederlandsche Bank (“DNB”), the decision produces information that maps directly onto DNB’s own published criteria for the continuing fitness and propriety of persons
Wise Was Denied a Bank Charter. Will DNB License Qivalis? On 21 July 2026, the US Office of the Comptroller of the Currency has rejected Wise’s application to establish a national trust bank recently. The decision should attract attention far beyond the United States. The OCC did not treat Wise’s
StablR admitted that EURR and USDR were no longer fully backed after unauthorised access to its platform. The incident raises fundamental questions about minting controls, redemption rights, Payvision-linked management and the MFSA’s supervision.
Days before the MiCA transition ended, Malta authorised an OpenPayd company to provide crypto services across Europe. The controlling owner and the warning signs were public. The MFSA’s assessment was not.
