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Monei, a Spanish financial technology (fintech) firm, recently announced the development of a euro-backed stablecoin named EURM and its testing commencement in January. The trials are being conducted within the Financial Sandbox of the Bank of Spain.
According to a press release from Monei, the testing phase involves a small group of users under the supervision of the Bank of Spain. This user group is working diligently to ensure that all EURM transactions are executed correctly. The development of EURM began in 2022, and by December 2023, it was approved for admission into the regulatory sandbox by the General Secretariat of the Treasury and International Financing. Monei envisions practical applications for EURM in the future, such as facilitating faster cross-border transactions, scheduling payments, and enabling prorated payments.
Alex Saiz Verdaguer, CEO and founder of Monei, views this testing phase as "another step on our path towards the complete digitalization of payments," according to the press release. In a statement, Verdaguer expressed his optimism about this pilot test as an opportunity to refine a project he has full confidence in. He described EURM as an unprecedented innovation with potential to make collections and payments management more secure, programmable, economical, democratic and liberalized than ever before.
