Euro-backed stablecoin trials begin in Spain
Every EURM is backed on 1:1 par by euro, stored at Spanish banks, such as BBVA and Caixabank.
Spanish fintech firm MONEI has started the trials of a euro-backed stablecoin EURM under the supervision of the Bank of Spain.
As the announcement, published on MONEI’s website on Jan. 29, specifies, the trial in the regulatory sandbox, supervised by the Bank of Spain, began in January. It features a group of individual users, limited to minimize the error margin.
The trial will examine the transaction capability of EURM: a user will verify their identity, upload the wallet, load up to 10 euros to his account and exchange them for 10 EURM. Every EURM is backed on 1:1 par by euro and stored at Spanish banks, such as BBVA and Caixabank.
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