“Can an EMI-licensed consortium plus its own MiCA stablecoins become the default fiat-settlement layer that keeps crypto platforms banked?”
Fiat Republic was founded in 2021 specifically to solve the 'debanking' problem for crypto exchanges, custodians and wallet providers. Rather than becoming a bank, it positioned itself as an EMI-licensed aggregator sitting on top of a consortium of crypto-friendly banks, exposing a single API for virtual IBANs, SEPA/Faster Payments/wire access and FX. In 2026 it extended its remit by issuing its own MiCA-regulated e-money tokens (EagleNet ENEUR/ENGBP) through its Dutch EMI, moving from pure bank-rail aggregator into a stablecoin issuer for 24/7 member-to-member settlement.
Fiat Republic discloses Fiat Republic Financial Services Ltd (in-house) and Fiat Republic Netherlands BV (in-house) as its banking providers, according to the Embedded Finance Index 2026.
Fiat Republic does not disclose a bank charter of its own; its banking services are provided through Fiat Republic Financial Services Ltd (in-house) and Fiat Republic Netherlands BV (in-house).
Fiat Republic moves money over Wire, SEPA Instant, SEPA and Faster Payments.
Fiat Republic uses Sumsub, Persona and Onfido for KYC and identity verification.
Fiat Republic uses Fiat Republic (in-house) for FX and cross-border payouts.
Fiat Republic's crypto products run on Fiat Republic Netherlands BV (in-house).
The Embedded Finance Index 2026 maps 6 layers in Fiat Republic's stack: Money movement (Wire, SEPA Instant, SEPA and Faster Payments); Banking / BaaS (Fiat Republic Financial Services Ltd (in-house) and Fiat Republic Netherlands BV (in-house)); KYC (Sumsub, Persona and Onfido); FX & payouts (Fiat Republic (in-house)); Crypto (Fiat Republic Netherlands BV (in-house)); Treasury (Fiat Republic (in-house)).
Fiat Republic is founded in 2021 and headquartered in London, United Kingdom.
Get a read on where your own stack stands against Fiat Republic and the rest of its category — what they built versus bought, which providers they use, and where the gaps in your own strategy and competitive set actually are.