Paxos acquires Finnish stablecoin issuer
The acquisition will grant Paxos a Finnish Electronic Money Institution licence, allowing operations across 30 European countries under EU regulations.
Paxos, a prominent blockchain infrastructure firm, has announced plans to acquire Finnish stablecoin issuer Membrane Finance, pending regulatory approval. The acquisition will grant Paxos a sought-after Finnish Electronic Money Institution licence, allowing the company to operate across 30 European countries under EU regulations.
Membrane Finance, known for its EUROe and eUSD stablecoins, launched its euro-pegged stablecoin in February 2023 but saw modest initial demand. Paxos, which already issues dollar-backed tokens like the Pax Dollar (USDP) and gold-backed cryptocurrency PAXG, had not yet ventured into the euro stablecoin market. This deal marks Paxos’ first step into offering euro-pegged digital assets.
The acquisition comes as the European stablecoin market faces tighter oversight under the Markets in Crypto-Assets (MiCA) Regulation, which took effect in July. Paxos sees this move as an opportunity to expand its reach and cater to growing stablecoin demand in Europe, further solidifying its global presence in the digital currency space.
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