Tangany Secures Key BaFin License, Paving Way for Regulated Stablecoin Payments in Europe

MUNICH, Germany – March 18, 2026 – German digital asset custodian Tangany has secured a pivotal Payment Services Provider license from the German Federal Financial Supervisory Authority (BaFin), a move that clears a critical regulatory hurdle for the use of stablecoins in the European financial system. The license, granted under the Payment Services Directive (PSD2), specifically authorizes the company to handle payments involving E-Money Tokens (EMTs), the technical term for regulated, fiat-backed stablecoins under EU law.

This development places Tangany among the first B2B custodians in Europe to be fully licensed for this activity, positioning it as a key infrastructure provider for banks, fintechs, and other financial institutions looking to integrate regulated digital currencies into their services. With the first partners expected to launch services in the coming weeks, the announcement signals a significant step forward in moving stablecoins from a speculative crypto-asset into a compliant and functional tool for mainstream finance.

Navigating Europe's Dual Regulatory Gauntlet

Tangany's achievement is notable not just for the license itself, but for successfully navigating the complex and often overlapping regulatory landscape for digital assets in Europe. The use of E-Money Tokens sits at the intersection of two major legislative frameworks: the Markets in Crypto-Assets Regulation (MiCA) and PSD2.

MiCA, which began its phased implementation in mid-2024, provides a comprehensive framework for issuing and servicing crypto-assets, establishing strict requirements for EMT issuers, including a 1:1 reserve of assets and detailed transparency through whitepapers. However, because EMTs are legally considered a form of electronic money, any services involving their transfer or custody on behalf of clients also fall under the purview of PSD2, which governs all digital payments within the EU.

This created a significant "dual licensing challenge" for the industry. A Crypto-Asset Service Provider (CASP) might be authorized under MiCA but would still require a separate payment institution license under PSD2 to handle EMT transactions. The European Banking Authority (EBA) provided temporary relief, but the expectation has been clear: long-term, compliant operations require both authorizations. By securing this PSD2 license, Tangany has addressed this challenge head-on, providing its institutional clients with a single, regulated partner that satisfies both sets of rules.

Building a Regulated 'One-Stop-Shop' for Digital Assets

For Tangany, the new license is a strategic capstone on its existing regulatory approvals, which already include licenses for crypto custody and crypto asset services under MiCA. This trifecta of authorizations allows the company to offer a comprehensive, end-to-end regulated infrastructure for institutional clients—a crucial competitive advantage in a market where trust and compliance are paramount.

"Receiving this license from BaFin is an important milestone for Tangany," said Martin Kreitmair, CEO of Tangany, in a statement. "Payment services involving stablecoins require a clear regulatory framework, and this license is a key prerequisite for offering those services. Given the current regulatory environment and the large number of CASPs across Europe applying for similar approvals, receiving this license is a significant achievement for us."

This focus on building a fully regulated ecosystem appears to be paying off. The Munich-based firm has seen its assets under custody grow from €400 million in 2022 to over €3 billion by late 2025, serving more than 60 institutional clients like Bitvavo and eToro. By adding regulated payment services for EMTs, Tangany can now support the full lifecycle of a digital asset for its clients, from secure custody to compliant transfers and payments.

The Race for a Euro-Denominated Stablecoin Market

The timing of Tangany's license is critical, as the European market is poised for a significant expansion in the use of regulated stablecoins. While the global stablecoin market has long been dominated by U.S. dollar-pegged tokens like USDT and USDC, the regulatory clarity provided by MiCA has ignited a race to establish a robust and liquid market for euro-denominated stablecoins.

Market analysts are bullish on the potential. S&P Global Ratings has projected that the value of euro-pegged stablecoins could surge from around €650 million at the end of 2025 to tens of billions by 2030, driven by demand for tokenized investments and more efficient payment solutions. Tangany is not alone in recognizing this opportunity. Ventures like AllUnity—a joint venture of DWS, Flow Traders, and Galaxy—and a consortium of major European banks are also developing MiCA-compliant euro stablecoins.

Rather than competing directly on issuance, Tangany's strategy is to provide the foundational plumbing for this emerging ecosystem. Its white-label custody and payment infrastructure can be used by any of these new issuers, as well as by the banks and fintechs that will ultimately offer stablecoin services to end-users.

From Niche Asset to Mainstream Payment Rail

The practical implications of regulated, easily transferable stablecoins are profound. For businesses, they promise to streamline cross-border transactions, enabling 24/7 settlement with lower costs and greater transparency than traditional banking rails. This moves stablecoins beyond the world of crypto trading and into the realm of corporate treasury, supply chain finance, and international trade.

By providing the regulated infrastructure for stablecoin deposits, withdrawals, and credit transfers, Tangany is helping to build the bridge that connects the innovation of blockchain technology with the trust and scale of the established financial system. The company's announcement that it is already preparing to launch services with its first two cooperation partners in the coming weeks demonstrates that the transition from regulatory approval to real-world application is already underway.

As Europe continues to solidify its position as a leading jurisdiction for digital asset regulation, the development of a compliant and interconnected infrastructure is essential for fostering innovation. Tangany's latest license is a clear indicator that the foundational layers for the next generation of European financial services are actively being put into place.