Testing of EURM, the stablecoin admitted to the regulatory Sandbox supervised by the Bank of Spain, begins
● This January, trials of EURM, a stablecoin developed by Spanish fintech MONEI stablecoin developed by Spanish fintech MONEI.
● The trials are restricted to a small number of users and are supervised by the Bank of Spain's Financial Sandbox.
● EURM facilitates the sending of euros thanks to a token pegged to the euro with 1:1 parity, the total amount of which is deposited in a Spanish financial institution.
The project admitted to the regulatory Sandbox, led by the General Secretariat of the Treasury and International Finance, is supervised by the Bank of Spain. Within the framework of this controlled testing space, a small sample of participants has been taken, with a minimized margin of error. In the EURM testing phase, the group of users is made up of natural persons, in charge of testing the correct execution of transactions with this token.
This project began to be developed in 2022 and in December of this year obtained the approval of the General Secretariat of the Treasury and International Finance for its admission to the regulatory Sandbox.
Its operation is simple: the user enters his phone number, and after checking his identity through video identification, he can load the wallet with a maximum of 10 real euros via Bizum. He then finds as many EURMs as he has loaded and can send the token to all other registered users. Thus, there is always the same number of EURM as euros backing them up, and they can be exchanged back at any time. The total of "fiat" euros are deposited in an account of a Spanish financial institution of reference.
Alex Saiz Verdaguer, CEO and founder of MONEI, welcomes the start of the testing phase as "it is another step on our way to the complete digitization of payments. We approach this pilot test as an opportunity to improve and fine-tune a project in which we have full confidence. EURM represents an unprecedented innovation and we have in our hands the opportunity to make the management of collections and payments, and the sending of money more secure, programmable, economical, democratic and liberalized than ever before."
Some practical uses of EURM would be in the future:
The real-world applications of EURM are almost endless, especially in the business environment. *
- EURM will be able to facilitate the sending of money in milliseconds to any user on the planet with a mobile phone. The amount could be from cents or fractions of cents to millions of Euros at a cost of thousandths of a Euro per transaction.
- Payments can be programmed to send unlimited amounts of money at predetermined desired time intervals or even on the basis of "external" events: if the temperature in a cold room exceeds 0 degrees for more than 30 minutes, send euros to a specific user: insurance companies because the goods would have deteriorated.
- Monthly payments can be prorated into daily payments, or allow a company's employees to choose when they want to receive their payroll.
- A company can offer a digital wallet with EURM to its employees where it can pay them productivity bonuses in real time on the basis of robotic instructions by a robotic line or a simple ERP.
All of these practical applications can be programmed without human intervention and could potentially be valid for domestic and international operations with a minimum cost per transaction.
MONEI is a fintech that simplifies and speeds up digital payments. The company allows any entity to integrate with Shopify and other e-commerce platforms through a simple API. Thanks to its technology, both users and companies can combine more than 40 payment methods, local and alternative, through a single platform.
The omnichannel payments platform also has MONEI Pay, the first 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.
Likewise, the fintech integrates the MONEI Connect solution, which allows commercial platforms to manage and scale end-to-end payment experiences through a payment partner API. This tool has fully automated Know Your Customer (KYC) processes to facilitate the incorporation of new users into companies.
MONEI client funds are protected in safeguard accounts of supervised and regulated banking entities. The fintech is a member of several working groups within the European Payments Council and the European Central Bank. MONEI 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 is the leading omnichannel payments platform in Southern Europe.