Avian Labs has gained significant regulatory approval from the U.K.’s Financial Conduct Authority, enhancing its operational capacity in Europe. This development follows the company's earlier licensing under the European Union’s Markets in Crypto-Assets framework from a Dutch regulator in April, allowing it to access 30 countries within the European Economic Area.
The approval enables the company's app, Sling Money, to facilitate person-to-person payments using Paxos' USDP dollar stablecoin and Circle Internet’s EURC euro stablecoin. Users can link their bank accounts to the application for direct fund transfers or hold funds within the app, all transactions taking place on the Solana blockchain.
Currently, Sling is only available in the U.K. as part of a closed beta program. The app also provides local currency withdrawals in 80 countries through partnerships with regulated local providers, reflecting the growing trend of crypto payments gaining legitimacy in major markets.