OpenPayd secures MiCA license as stablecoin adoption grows in Europe

Financial infrastructure provider OpenPayd said Wednesday that it has secured authorization under the European Union’s Markets in Crypto-Assets Regulation (MiCA), allowing it to offer crypto services across the European Economic Area (EEA) via passporting.The license lets OpenPayd operate as a crypto asset service provider (CASP) to offer services such as fiat-to-stablecoin on-ramping and off-ramping, the company said in a statement seen by Cointelegraph.“Stablecoins are rapidly becoming part of mainstream financial infrastructure,” OpenPayd CEO Iana Dimitrova said, adding that MiCA gives businesses greater confidence to use digital asset technology for payments, treasury operations and growth.The approval comes days before a July 1 MiCA transitional deadline, as crypto companies race to secure authorization under the bloc's crypto rules. On Tuesday alone, Bitcoin Suisse secured a MiCA license in Liechtenstein and Ripple announced preliminary CASP approval in Luxembourg.OpenPayd did not disclose which regulator granted its MiCA authorization or in which jurisdiction it was issued. Cointelegraph contacted OpenPayd for comment but had not received a response by publication time.OpenPayd counts Kraken, OKX among its clientsOpenPayd's MiCA authorization comes about a year after the company launched its stablecoin infrastructure, which allows businesses to manage fiat currencies and digital assets through a single platform.The company said it processes more than $240 billion in annualized transaction volume for over 1,100 businesses worldwide, including Kraken, eToro, OKX and B2C2.Source: OpenPaydOpenPayd was founded in London in 2018 by Ozan Ozerk, a fintech entrepreneur who also founded European Merchant Bank, a Lithuania-based digital bank.Related: EU committee advances digital euro bill after key voteOpenPayd eyes Nasdaq debutOpenPayd’s MiCA license news comes as the company is pursuing a public listing in the US.Earlier in June, OpenPayd announced a proposed merger with special purpose acquisition company Titan Acquisition Corp, a deal that would see its shares trade on Nasdaq under the ticker “OP” if approved.The transaction values OpenPayd at about $1.1 billion and is expected to close in the fourth quarter of 2026, subject to shareholder and regulatory approvals.Magazine: Bitcoin decouples from tech stocks, Ether eyes ‘selling wave’: Market MovesCointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.