Fintech company Monei has started the stablecoin trials of the EURM, which will be supervised by the Bank of Spain’s Financial Sandbox while it tests a host of use cases.
Monei, a fintech company in Spain, has published a press release detailing the stablecoin trials they started recently. They have initiated the trials with the EURM stablecoin, backed by the euro in a 1:1 ratio. Meanwhile, the experiments will limit to a few users, while the Bank of Spain will supervise it.
According to Monei, any selected user can load euros into their wallets which will reflect as EURM. They can load to a maximum of 10 euros and send any amount to any other selected user. Further, it also listed the multiple applications of the EURM.
Firstly, it stated any user could use the EURM to send euros to anyone with a mobile phone. At minimal costs, one can send any number or even a fraction of the euro to others. One can also automate the payments based on time intervals or external factors. At the same time, companies can use EURM wallets to pay their employees paychecks or bonuses with pre-set instructions.
Alex Saiz Verdaguer of Monei said, “We approach this pilot test as an opportunity to improve and fine-tune a project in which we fully trust. 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,” in a translated version of his comments.
Last January, the Bank of Spain approved Monei’s EURM stablecoin project. The project was a part of the Sandbox initiative of the Bank of Spain.
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