EURM completes regulatory sandbox testing

• EURM, through the use of blockchain technology, facilitates the sending of euros to anyone with a cell phone via a token linked to the euro with parity 1:1
• The conclusions published after its participation in the regulatory Sandbox confirm that the basic functionalities of the platform have been verified in a controlled environment

Madrid, November 13, 2024. EURM, the stablecoin developed by MONEI, the fintech that drives the growth of companies with innovative payment solutions, has successfully completed the regulatory Sandbox tests, led by the General Secretariat of the Treasury and International Finance, with the Bank of Spain as supervisor.

EURM allows the sending of euros through a token with 1:1 parity against the euro. The fintech began developing this project in 2021 and, in January 2024, started its Sandbox testing phase. During the four months of testing, specific aspects of the platform were evaluated, including the registration and issuance of EURM tokens, in addition to transfers and redemptions in a controlled environment and without intervention from external providers or public blockchain. Tests were also conducted on the performance and stability of the platform under different load levels.

Alex Saiz Verdaguer, CEO and founder of MONEI, wanted to highlight the pioneering role of the stablecoin, “EURM represents a very significant step towards the modernization of payments. This project will allow us to explore new ways in which people and businesses can interact with money. EURM will help lay the foundation for the financial system of the future, where sending euros is as simple as sending a message.”

The next step is to implement enhancements to take advantage of a new blockchain network architecture that optimizes load capacity, as well as prepare for EURM's market launch. To do so, the company will need to comply with the standards set out in the European Union's Markets in Cryptoassets Regulation (MiCA), which requires any organization wishing to issue digital currencies to have an Electronic Money Institution (EME) license.

In this regard, MONEI is open to establishing strategic alliances with financial entities that comply with current regulations in order to enable the EURM offering and maximize its impact and scalability.

“We are currently in talks with one of the world's largest stablecoins by capitalization, exploring potential marketing agreements thanks to its capillarity and penetration. This strategy of seeking potential partners will allow us to position ourselves in the ecosystem with a digital currency aligned with the highest standards of compliance and transparency in the European market. Another avenue we are considering is to manage our own license,” added MONEI's founder.

EURM's potential uses for financial transformation

EURM presents a number of potential uses that could facilitate the digitization of payments in multiple contexts. However, these were not part of the testing conducted in the Financial Sandbox and are considered future applications whose feasibility and costs need to be evaluated outside of the controlled testing environment.

For example, EURM could allow sending unlimited amounts of money at desired time intervals, digitizing and scheduling payments, prorating monthly transfers into daily payments, or allowing a company's employees to choose when they want to receive their paychecks.

This way, a company could implement a digital wallet with EURM for its employees, allowing them to receive real-time productivity bonuses based on automated instructions from a production line or ERP system.

📚Further reading:

• Testing of EURM, the stablecoin admitted to the regulatory Sandbox supervised by the Bank of Spain, begins
• The Bank of Spain Approves the Trial of the First Euro Stablecoin by MONEI
• What is the digital euro and how will it affect Europe’s economy?

Sobre MONEI   

MONEI is a fintech that simplifies and speeds up digital payments (online and off). The company allows any entity to integrate with Shopify and other e-commerce platforms through a simple payments API.

Thanks to MONEI's technology, users can combine more than 40 payment methods through a single platform. It currently has agreements with all Spanish banks to add all entities with Shopify and other e-commerce companies. In this way, any online store can transact with the Spanish bank of their choice.

The fintech has also developed MONEI Pay, the first mobile payment application (available on iOS and Android) that allows physical businesses to accept payments from their mobile phone by generating a digital QR code, thus eliminating the need for traditional POS devices at points of sale. 

MONEI is a member of several working groups within the European Payments Council and the European Central Bank. It also has a payment entity license from the Bank of Spain, which allows it to carry out payment services, and have a contractual relationship directly with Spanish businesses.

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MONEI

MONEI is the leading omnichannel payments platform in Southern Europe.