Malta-Based Stablecoin Issuer Suffers Multi-Million Dollar Loss in Security Incident

A recent security incident at Malta-based stablecoin issuer StablR has resulted in a significant depegging of its EURR and USDR tokens. On May 24, 2026, the attack allowed attackers to mint unbacked tokens worth approximately $2.8 million, with EURR dropping to $0.85 and USDR falling between $0.40 to $0.64.

The breach was attributed to a 1-of-3 multisig threshold exploit that compromised StablR's minting function. This type of attack is particularly concerning as it highlights governance failures in stablecoin issuers, particularly those operating under the European Union's Markets in Crypto-Assets (MiCA) framework.

Regulators and auditors may face pressure to address key management standards more directly following this event. Holders of EURR and USDR should monitor StablR's official channels for updates on any planned burn of the unbacked supply, reserve replenishment, or compensation.