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Case study: Stablecoin Administration Services
An Electronic Money Institution (“EMI”) licensed in the European Union sought to launch a euro-backed stablecoin under the MiCA framework. The goal was to offer a compliant, transparent, and scalable digital payment instrument for institutional use (B2B).
The EMI aimed to issue a fiat-referenced token (Electronic Money Token (“EMT”)) backed 1:1 by euro reserves. The stablecoin would be used for:
- Cross-border payments
- Treasury operations
- On-chain settlement
To meet MiCA’s strict requirements, the issuer needs a partner with deep regulatory expertise, infrastructure, and operational capabilities.
The challenge
- Complying with MiCA’s reserve, governance, and transparency standards
- Ensuring daily net asset value (“NAV”) calculation and real-time proof of reserve (“PoR”)
- Establishing secure tokenisation and minting infrastructure
- Managing high-quality, liquid euro-denominated reserves
- Delivering scalable treasury and custody operations
The solution
We deliver a modular, end-to-end solution tailored to the EMI’s needs:
- Tokenisation via Tokeny
- We administer the reserve assets and perform daily NAV calculations
- NAV and reserve data are posted on-chain via Chainlink, enabling real-time, immutable PoR
- Treasury-as-a-Service ("TaaS"): we manage the reserve portfolio, ensuring liquidity, safety, and regulatory alignment
- We act as the reserve bank through European Depositary Bank ("EDB")
The result
- The EMI launched a MiCA-compliant euro stablecoin (EMT) with full transparency and operational resilience
- We provide a single-source solution covering tokenisation, reserve management, NAV reporting, and custody
- The stablecoin is positioned for institutional adoption, with scalable infrastructure and regulatory-grade governance
Why Apex Group?
This case highlights the strength of our digital asset servicing capabilities. With over a decade of experience supporting blockchain-native funds, tokenised assets, and stablecoin issuers, we have become a trusted partner in the regulated digital finance space.