EXCLUSIVE: OlkyPay prepares to launch a euro stablecoin

Distinguish themselves from the competition. All the neo-banks have this ambition, but not necessarily the same strategy for achieving it. While some are banking on themes (such as impact), others are choosing to stand out with services in cryptocurrencies, as OlkyPay is doing.

For the past few years, the Franco-Luxembourg neo-bank has been assembling one element after another and intends to continue doing so. Already renowned for being "crypto-friendly" by facilitating access to a bank account for players in the crypto sector, next week it is preparing to launch a payment system based on Polygon.

This offering, which will be unveiled at the Paris Blockchain Week, is aimed both at its customers (the bank claims 10,000 customers), who might want cryptocurrency-related services, and also at businesses in the sector that are not yet customers of the bank.

According to our information, in addition to this payment offering, OlkyPay is working on the launch of EUSTA, a stablecoin launched by its Olky Wallet subsidiary. The latter is still in the examination phase with the Autorité de Contrôle Prudentiel et de Résolution (ACPR) to be approved as an electronic money institution (EME). This licence will be required from 30 June for all players wishing to issue stablecoin in Europe.

"This euro stablecoin is intended to be listed on the cryptocurrency exchange platforms that will be regulated in Europe and used by both native and traditional cryptocurrency players," continues Karima Lachgar, CEO of Olky Wallet, the neo-bank's specialist cryptocurrency subsidiary.

To date, very few players wishing to issue a stablecoin in Europe have managed to obtain this precious sesame. Iceland's Monerium or France's Salvus are among the short list of lucky ones. Several leading companies such as SG-Forge, the Société Générale group's specialist cryptocurrency subsidiary, and the US-based Circle are currently under review by the regulator.

In parallel, the company is also hoping to obtain its approval as a digital asset service provider (DASP), which will be mandatory to offer cryptocurrency-related services from 2026. "Ultimately, our ambition is to provide a complete cryptocurrency-related offering to our customers", concludes Karima Lachgar.