Case study: Stablecoin Administration Services
An Electronic Money Institution (“EMI”) licensed in the European Union, seeking to launch a Euro-backed stablecoin under the MiCA framework. The goal is to offer a compliant, transparent, and scalable digital payment instrument for institutional use (B2B).
Overview
The EMI aims to issue a fiat referenced token (Electronic Money Token (“EMT”)) backed 1:1 by Euro reserves.
The stablecoin will 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 tokenization and minting infrastructure
- Managing high-quality, liquid Euro-denominated reserves
- Delivering scalable treasury and custody operations
The solution
Apex delivers a modular, end-to-end solution tailored to the EMI’s needs:
- Tokenization via Tokeny
- Apex administers the reserve assets and performs daily NAV
- 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 launches a MiCA-compliant Euro stablecoin (EMT) with full transparency and operational resilience
- We provide a single-source solution covering tokenization, reserve management, NAV reporting, and custody
- The stablecoin is positioned for institutional adoption, with scalable infrastructure and regulatory-grade governance
How can we help?
This case highlights the strength of our digital asset servicing capabilities. With over a decade of experience supporting blockchain-native funds, tokenized assets, and stablecoin issuers, we have become a trusted partner in the regulated digital finance space.