monei

ChainCatcher news, according to Cointelegraph, the Spanish fintech company MONEI has begun a pilot for the euro stablecoin EURM under the supervision of the Bank of Spain. According to an announcement published by MONEI on January 29 on its website, the regulatory sandbox pilot started in January and is overseen by the Bank of Spain.It is reported that the pilot will test the transaction capabilities of EURM: users will verify their identity, upload their wallets, deposit up to 10 euros into their accounts, and exchange it for 10 EURM. Each EURM is pegged to the euro at a 1:1 ratio and is held in banks in Spain, such as BBVA and Caixabank.

ChainCatcher news, the Spanish bank supports the pilot operation of the euro stablecoin for the fintech company Monei. The euro-pegged digital token EURM has emerged from the Spanish bank's digital sandbox for testing innovative new proposals. EURM facilitates euro transfers and online payments across Europe by creating tokens using Ethereum and Polygon blockchain technology.During the testing phase, users input their phone numbers, verify their identities through video recognition, and load real euros into their wallets via the Spanish instant payment service Bizum. An equivalent amount of EURM is automatically created to match the real euros deposited by the user, which they can send to other registered users. (Finextra)