Fintech Firm Monei Launches EURM Stablecoin Pilot in Spain
Fintech firm Monei has announced the launch of trials for the euro-backed stablecoin EURM in Spain, in collaboration with major financial institutions in the country. The tests are being conducted under the supervision of the Bank of Spain’s Financial Sandbox and are currently limited to a select number of users. The goal is to explore pathways to the digitization of payment while complying with regulations.
Easy Integration and 1:1 Backing
Users can easily integrate EURM into their mobile phones by verifying their identity through a video KYC process. During the trial phase, each user can deposit 10 Euros into their wallet through Bizum and send assets to other registered users. All euros deposited are backed 1:1 with physical euros and stored in Spanish financial institutions supervised by the Bank of Spain.
Benefits and Future Potential
The Monei platform offers seamless and fast transactions, allowing users to send money in milliseconds. Monthly payments can be programmed into smaller fragments, and salary payments can be structured according to employee preference. Monei CEO Alex Saiz Verdaguer sees this as a significant step towards digitalizing payments and scaling current standards.
CBDC Tests and Digital Euro Research
In addition to Monei’s pilot, Spain has been conducting tests for a Central Bank Digital Currency (CBDC) since 2022. The Bank of Spain has also supported research into a possible digital Euro to enhance financial inclusion and cross-border payments.
Hot Take: Fintech Provider Monei Pioneers EURM Stablecoin Trials in Spain
Fintech firm Monei is leading the way in the development of the euro-backed stablecoin EURM with its pilot trials in Spain. By collaborating with major financial institutions and operating under the supervision of the Bank of Spain, Monei aims to explore the digitization of payment while adhering to regulations. The integration of EURM into mobile phones and its 1:1 backing with physical euros provide users with seamless and secure transactions. This pilot program not only showcases the potential of stablecoins but also contributes to the ongoing research into Central Bank Digital Currencies and a possible digital Euro.
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