- Spanish fintech firm MONEI has started trials of a euro-backed stablecoin called EURM.
- The trials are being conducted under the supervision of the Bank of Spain.
- The stablecoin is backed 1:1 by the euro and stored in Spanish banks.
- The trial will test the transaction capability of EURM, with users verifying their identity, uploading their wallet, and exchanging euros for EURM.
MONEI, a Spanish fintech firm, has begun trials of its euro-backed stablecoin called EURM. The trials are being conducted in the regulatory sandbox under the supervision of the Bank of Spain. These trials started in January and involve a limited number of individual users to minimize any errors that may occur.
The main focus of the trial is to test the transaction capability of EURM. Users will need to verify their identity, upload their wallet, and exchange up to 10 euros for 10 EURM. It should be noted that every EURM is backed on a 1:1 basis by the euro and stored in Spanish banks, such as BBVA and Caixabank.
The trials of EURM by MONEI, under the supervision of the Bank of Spain, are an important step in the development of euro-backed stablecoins. By conducting these trials, MONEI can assess the transaction capability of EURM and ensure its stability and security. This initiative may pave the way for wider adoption of stablecoins in the eurozone, potentially offering benefits such as faster, cheaper, and more efficient cross-border transactions.