Swedish crypto asset management company Virtune has debuted Europe's first stablecoin index exchange-traded product (ETP), trading under the ticker STABLE on major exchanges including Nasdaq Stockholm, Nasdaq Helsinki, and Deutsche Börse Xetra. This ETP is physically backed by crypto assets stored with Coinbase in cold storage and does not hold stablecoins directly; instead, it invests in the blockchains and tokens that enable stablecoin transactions, such as Ethereum (ETH), XRP, Solana (SOL), Chainlink (LINK), Stellar (XLM), and Aave (AAVE).
As of November 4, the initial allocation is 42.9% ETH, 23.5% XRP, 18.43% SOL, 6.06% LINK, 5.75% XLM, and 3.36% AAVE, with the fund rebalanced quarterly to reflect market changes. The ETP carries an annual management fee of 1.95% and is available in SEK and EUR currencies, providing investors with a regulated, diversified way to gain exposure to the stablecoin ecosystem's growth.
Helena Wedin, Head of ETF and ETP Services at Nasdaq European Markets, emphasized that this launch underscores strong momentum in the ETP space and represents a milestone for investors and the digital asset ecosystem. The product aims to capitalize on the rising adoption of stablecoins by banks and financial institutions in Europe, driven by regulatory clarity from MiCA and the GENIUS Act in the U.S., which has increased transaction volumes and network activity on supporting blockchains.
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