OpenPayd secures MiCA license as stablecoin adoption grows in Europe

OpenPayd secured a Markets in Crypto-Assets (MiCA) license from the Malta Financial Services Authority (MFSA) on May 15, 2024, enabling it to offer regulated stablecoin services across the European Union. This license permits OpenPayd to issue, offer, and redeem stablecoins, as well as provide custody services for crypto assets, adhering to the stringent requirements of the MiCA regulation. The company, which already serves major clients like Kraken and has processed over $10 billion in crypto transactions since its inception, views this as a significant step towards mainstream adoption of stablecoins in Europe. The MFSA's approval follows a rigorous application process that assessed OpenPayd's compliance, risk management, and operational resilience. OpenPayd's existing infrastructure supports over 40 currencies and 120 payment methods, positioning it to integrate stablecoin payments seamlessly into traditional financial systems. The company anticipates that this regulatory clarity will foster greater trust and encourage more businesses to explore the benefits of stablecoins for cross-border payments and remittances.