Monei Declares Pilot Testing Phase for Euro Stablecoin
European payment platform Monei has declared the pilot testing phase for Euro-pegged stablecoin under the Bank of Spain’s national financial sandbox. The token will use Ethereum and Polygon blockchains. During the pilot testing, it will permit each one of a reduced number of users to issue 10 EURM.
Digital Euro Token Pilot Under Bank of Spain Supervision
The European payment platform, Monei, recently announced the first tests for EURM. The 1:1 pegged euro stablecoin is under the approval of the Bank of Spain’s national sandbox. The token will be issued using the Monei wallet for holding by the users. It will accept deposits using Bizum, the national payment system.
Only a small number of individuals will have the opportunity to issue 10 EURM during the testing phase. The euros pegged for the issuance of EURM will be under the custody of BBVA and Caixabank, two financial institutions in Spain.
Monei’s founder and CEO, Alex Saiz Verdaguer, stated the relevance of EURM’s first batch of tests:
"EURM proposes 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."
Monei Expects to Reach Several Million Users
These include sending euros to pay for transport and food quotas to employees several times a day, automating payments to providers depending on the funds available, organizing daily deposits to complete larger credit payments, and allowing companies to organize daily payments to employees without disrupting their workflow or paying excessive fees.
Monei has a potential target of 57 million users in Spain only and expects to reach several million users with this product after the testing phase.
What is your take on the start of the testing phase of EURM? Please share your thoughts and opinions in the comments section below.
0 Comments