Paxos targets European market with Membrane Finance deal as MiCA compliance push
Stablecoins are becoming increasingly common in the market
Stablecoin issuer Paxos is expanding its platform to serve customers in the EU and align its asset portfolio and tokenization solutions with the European Union’s Markets in Crypto Assets (MiCA) regulations.
To achieve this, Paxos will acquire Finnish company Membrane Finance, a certified electronic money institution (EMI) that launched its own stablecoin, EUROe, last year.
“Stablecoins are becoming increasingly common in the market as more use cases emerge for everyday users... With Membrane, we aim to expand our reach to EU customers seeking the benefits of stablecoins,” commented Walter Hessert, Head of Strategy at Paxos, on the acquisition.
From Global Dollar to Finnish Euro
According to the cryptocurrency exchange Coinbase, the EUROe stablecoin currently has a market capitalization of $1.8 million, with a 24-hour trading volume of approximately $210,000.However, it is anticipated that after the merger with Paxos, this stablecoin will gain greater market traction.
The acquisition of Membrane is subject to regulatory approval, which would allow Paxos to become a fully licensed EMI in Finland and the EU.
As previously reported, Paxos, in collaboration with industry leaders such as Robinhood, Galaxy Digital, Bullish, Kraken, and Nuvei, announced the launch of the stablecoin USDG.
This new digital asset, named the Global Dollar (USDG), aims to set a new standard for stability and inclusivity in the emerging cryptocurrency market. The launch highlights a coordinated effort to enhance financial accessibility and innovation globally.
