Introducing PLNY

Your money is already digital. It is also already someone else’s record.

Almost nobody uses cash for anything large, and almost nobody has seen the money they own. Your salary is a row in a bank’s ledger. Your card payment is a message between two institutions. The balance on your screen is not money the way a banknote is money — it is a claim on an institution, and the institution keeps the record.

That record is a closed ledger. Only the institution can write to it, and it writes on its own schedule. This is why a transfer takes days, why systems have cut‑off times, and why “working days” is a phrase that still means something in 2026. None of that is a technical limit. It is a consequence of who holds the pen.

Onchain money is the same claim, recorded on a public ledger instead.

Three things follow from that single change.

It settles in seconds. Not because a network is fast in the abstract, but because there is no chain of intermediaries between sender and receiver, each of whom has to act, and each of whom keeps their own hours.

It is open at any hour. A public ledger has no opening times. There is no Friday afternoon after which nothing moves until Monday.

It carries instructions, not just an amount. A bank transfer moves a number and a short reference field. An onchain transfer can carry conditions, and software can act on them without a person in the loop.

What a regulated stablecoin is — and what it is not

“Stablecoin” is a marketing word. It covers instruments that have almost nothing in common: some fully reserved and supervised, some backed by assets nobody outside the issuer has ever seen, some held together by an algorithm and hope.

A regulated e‑money token is a specific thing. It is a claim on a named issuer, redeemable at face value, on demand. The reserves behind it sit one‑to‑one against the tokens in issue, and are held separately from the issuer’s own money. The issuer is authorised and supervised by a named authority, and the terms are a matter of public record rather than a marketing page.

It is not a volatile crypto asset. The price is not supposed to move. If it does, something has gone wrong with the issuer rather than with the market.

It is not a bank deposit either. A deposit is lent out; a regulated e‑money token is not. That is a different arrangement with different protections, and it is worth understanding rather than assuming.

The difference between the two kinds is not what they are called. It is whether anything about them can be checked by somebody who does not work there.

Why the złoty

Almost all onchain money is denominated in dollars. That is a fact about supply, not about demand.

The dollar tokens were built first because the dollar is what the people building them were paid in, and the market that formed around them was a trading market, where the unit barely matters. Nobody concluded that Europe wanted dollars. Nobody asked.

The economy a Pole actually lives in runs in złoty. Salaries, rent, invoices, the price on a shelf. Onchain money does not reach that life until the złoty is there too — not as something to trade against, but as the unit the money is actually kept in.

Holding a dollar token in order to spend złoty means carrying a currency you did not ask for, and converting on the way in and again on the way out. A digital złoty removes the round trip. The unit you earn in is the unit you hold, and the unit you spend.

That is the whole argument for PLNY. Not that a złoty token is more interesting than a dollar one — that it is the one the money is denominated in.

What PLNY is

PLNY is a złoty‑denominated e‑money token, issued by Olbra ApS under our own European licence. One PLNY is one złoty. It is a claim on us, redeemable for złoty at face value on demand — that is the whole instrument.

1 PLNY = 1 PLN. Redeemable at par.

The design is deliberately unexciting. No fractional lending against the reserve. No algorithm defending the peg. No basket and no rebasing. The reserve does the work; the contract only makes it programmable.

Who stands behind it

Olbra ApS is an electronic money institution authorised in Denmark and supervised by Finanstilsynet, the Danish Financial Supervisory Authority, with that authorisation passported across the European single market.

The reserves behind PLNY are held one for one and kept apart from our own money, so that they sit beyond the reach of our creditors if things go wrong. Conversion back into złoty at the full amount, on request, sits alongside that as a legal entitlement under MiCA rather than a courtesy an issuer extends and can withdraw. Those are the terms an e‑money token is issued to in Europe, and they are the terms PLNY is issued to.

None of it rests on our word. Authorisation sits on a public register: an issuer either holds one or does not, and there is no partial state and no self‑certification. The register is public and the entry is ours. Look it up before you hold the token, not after.

What it changes on an ordinary day

None of the below requires understanding a blockchain, any more than sending an email requires understanding a mail server.

• You get paid in one currency and live in another. A freelancer invoicing in euro and paying rent in złoty currently converts on someone else’s schedule, at whatever the window offers that morning. Holding both as regulated tokens means the conversion happens once, at a moment you choose, rather than being folded into every transaction.

• You send money to family. Money on a public ledger moves in the time it takes the network to settle, at whatever hour you send it. Sunday evening is not a queue. A bank holiday is not a delay.

• You run a small business. Settlement in seconds means the money is there when the customer says it is, rather than after a cut‑off, a batch and a business day. Final is final.

One licence, three currencies

Most issuers build a token and then discover that the next currency is a fresh regulatory proceeding — a new entity, a new application, sometimes a new country. Under our authorisation it is not. One licence covers every currency we issue, and adding one is a notification to our supervisor rather than a new authorisation to win.

That is why the złoty sits on the same platform as the euro and the dollar, sharing a reserve operation, a redemption process and a supervisor. For a business it means one relationship rather than three, under one rulebook rather than three.

Most issuers add a currency by starting again. We add one by filing a notification.

Where PLNY stands today

Olbra ApS is a Danish e‑money institution. Finanstilsynet, the Danish financial regulator, authorised us on 11 February 2025, and that authorisation is passported across the European Economic Area.

We issue three tokens: EURY for the euro, PLNY for the złoty, USDY for the dollar. All three are deployed and verified on Ethereum mainnet. The euro is in issue today. The złoty and the dollar are deployed, and neither is in issue yet. The PLNY whitepaper is published and Finanstilsynet has been notified.

The złoty has been digital for decades. This is the version you can hold yourself.