Stablecoins

Money we issue. Not money we wrap.

PLNY, EURY and USDY are e‑money tokens under MiCA, issued by a supervised European institution — backed one‑for‑one, redeemable at par on demand, and deployed and source‑verified on Ethereum mainnet today.

Ethereum mainnet

PLNY Polish złoty Deployed

EURY Euro In issue

USDY US dollar Deployed

01 At a glance

currencies deployed on mainnet

EEA

passported on one licence

entities in the EU authorised to issue e‑money tokens (ESMA register, 24.04.2026)

1:1

redeemable at par, on demand, no fee

02 Verification

You do not have to take our word for the supply

Every mint, every burn and every transfer is on Ethereum. Read the contract and you have the number, whether or not we publish one.

Token register

Token	Currency	Status	Contract, Ethereum mainnet	Decimals	Whitepaper
PLNY	Polish złoty	Deployed	0x31A7d123…85013B47	6	PDF
EURY	Euro	In issue	0x96EcfBde…b3148fF2	6	PDF
USDY	US dollar	Deployed	0xf25c3C89…A6065b7f	6	PDF

What backs the tokens, and where to check →

03 The three

Same issuer, same rules, three reasons to exist

One licence, one reserve model and one redemption right behind all of them. What differs is the market each was issued for.

PLNY Polish złoty

The złoty as a token, issued under European e‑money rules.

Poland is the largest economy in the European Union that does not use the euro. Thirty‑eight million people, a payments culture that went digital a decade ago, and until now no złoty stablecoin at any real scale. Every złoty holder who wanted an on‑chain balance had to convert to dollars first and carry the currency risk.

Contract Etherscan ↗

Whitepaper Notified ↗

EURY Euro

A euro token from a euro‑area regulator, not an offshore wrapper.

Almost all stablecoin supply is denominated in dollars. Euro‑denominated tokens are a rounding error by comparison, which is strange for a currency that clears a fifth of world trade. The gap is not demand. It is that issuing a euro token properly means holding a European licence.

Contract Etherscan ↗

Whitepaper Notified ↗

USDY US dollar

The dollar, issued and supervised inside the European perimeter.

A dollar token from a European issuer answers a question a lot of treasurers now ask: who supervises the entity holding my reserve, and can I read the register entry myself. Holding all three currencies from one issuer also means moving between them without leaving the perimeter.

Contract Etherscan ↗

Whitepaper Notified ↗

04 What backing means

One in circulation, one safeguarded

Supply only rises once funds have been received, and falls when tokens are burned on redemption. The two cannot drift apart.

A bank lends your deposit out

That is what a bank is for, and it is why deposit‑guarantee schemes exist — they insure against the lending risk the model creates.

An e‑money issuer is not allowed to

The reserve is safeguarded apart from our own funds, never lent, and not available to our creditors. There is no guarantee scheme behind e‑money because there is not supposed to be lending risk to guarantee against.

How money gets in and out, at par

05 The moat

Seventeen entities in Europe can do this

It is not a technical barrier. Writing the contract is a week of work. The barrier is the authorisation, the reserve policy, the safeguarding arrangement, and a supervisor who reads all of it.

The licence is the asset

Olbra ApS holds a Danish e‑money authorisation, notified across the European Economic Area. A second currency does not need a second licence — it needs a notification.

We issue and we distribute

Most issuers depend on somebody else to reach a holder. We own the token, the rails and the app, so the float, the spread and the relationship stay inside one perimeter.

We started where nobody else would

The złoty first, in the largest economy in the Union that does not use the euro. Doing the awkward market first makes every one after it easier.

17 authorised e‑money token issuers across 10 of the 30 EEA member states. ESMA interim register, 24.04.2026.

Questions

What people check first

How do I verify the supply myself?

Open the contract on Etherscan. Total supply, every mint, every burn and every transfer are on the public record, and none of it depends on us publishing a figure. The addresses are on this page.

Who audits the reserves?

Reserve composition is reported to our supervisor as a condition of the licence. The public‑facing version of that reporting is being prepared for publication, and until it is live, counterparties can request the current position during diligence. We would rather say that than point at an attestation that does not exist yet.

Why do the tokens pay no interest?

Because MiCA prohibits it. An e‑money token that paid a return would start to look like a deposit or an investment, and would need a different licence with different protections. Any yield in the Olbra app therefore comes from a separate instrument you choose to move into, not from the token.

What happens if Olbra fails?

Reserve assets are safeguarded separately from company funds, which means they are not available to our creditors and are used to satisfy holders. That is a different protection from deposit insurance, and it is worth understanding the difference: there is no deposit‑guarantee scheme behind e‑money, because an e‑money issuer is not permitted to lend your money out in the first place.

Is a złoty token really different from a dollar token with a złoty label?

Yes. A wrapper gives you dollar exposure with a złoty price feed, and the currency risk stays yours. PLNY is złoty e‑money: the reserve is held in złoty, and redemption is in złoty at par.

Can I integrate these without talking to you?

The contracts are standard ERC-20 with six decimals and are source‑verified on mainnet, so reading balances and transfers needs nothing from us. Minting and redeeming go through the issuance API, and that does need an agreement.

Talk to us about issuance.

Integrating the tokens, minting at size, or checking the reserve position during diligence — one conversation starts it.

Talk to us