European payment platform Monei has announced the start of the testing phase of EURM, a euro-pegged stablecoin, as part of the Bank of Spain’s national financial sandbox. The token will leverage Ethereum’s and Polygon’s blockchains, allowing each one of a reduced number of users to issue 10 EURM during this phase.
Monei Rolls Digital Euro Token Pilot Under Bank of Spain Supervision
Monei, a European payment provider, recently rolled out the first tests for EURM, a 1:1 backed euro stablecoin, under the approval of the Bank of Spain’s national sandbox, which allows for introducing innovative projects with mitigated risks. The token will be issued using Monei’s wallet, which will hold the EURM tokens issued by the users, accepting deposits using Bizum, a popular national payment system.
During these first tests, only a small number of individuals will have the opportunity to issue 10 EURM. The euros backing the issued EURM will be under the custody of BBVA and Caixabank, two ref
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