Euro-Stablecoin Revolution: Spain Launches Trials Amid Market Speculation

Monei, a Spanish fintech company, is currently testing a stablecoin named EURM. The Bank of Spain oversees the trials, as mentioned in an announcement on Monei’s website on Jan 29. This trial, conducted in a regulatory sandbox, started in January and involved a select group of individual users to minimize errors.

During the trial, the focus is on evaluating EURM’s transaction capabilities. Each participant must verify their identity, upload their wallet, deposit 10 euros into their account, and exchange it for an equivalent amount of 10 EURM. It’s important to note that the euro directly backs each EURM on a 1:1 ratio and is securely stored in Spanish banks, including BBVA and Caixabank.

Monei’s CEO, Alex Saiz Verdaguer, said the trial is like taking one more step toward making all payments digital. He thinks this new stablecoin is a chance to send money in a safer, programmable, cheaper, fairer, and more open way than before.

Stablecoin Innovations In Spain

As per the announcement, EURM makes it easy for mobile phone folks to trade money quickly. Plus, the fee is super low – just a bit of a euro for each deal. The stablecoin system has some cool corporate choices, too. You can pay employees every month or day or hand out bonuses pronto, all following robotic commands.

In 2022, the Bank of Spain kicked off its digital currency program. Verdaguer also hinted that the EURM might be the Bank of Spain’s top tech choice. In Jan 2024, the Bank of Spain spilled the beans about testing with Cecabank, Abanca, and Adhara Blockchain.

The Spanish CBDC program distinguishes itself by operating independently of the digital euro plan, which, if implemented, would encompass all economies within the eurozone. At the same time, the Spanish Ministry of Economic Affairs and Digital Transformation declared that it would follow the European Union’s Markets in Crypto-Assets Regulation six months ahead of schedule.

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The author’s views are for reference only and shall not constitute any investment advice. Please ensure you fully understand and assess the products and associated risks before purchasing.

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