Spanish fintech company MONEI has announced the commencement of trials for its euro-backed stablecoin project, EURM, under the supervision of the Bank of Spain. As stated in the announcement published on MONEI’s website on January 29, the trial on the regulatory platform overseen by the Bank of Spain began in January. The trial involves a limited group of individual users to minimize the margin of error.
MONEI’s Move Towards CBDC
The pilot test will examine EURM’s transaction capabilities; it will verify a user’s identity, load a wallet, deposit up to 10 euros, and exchange them for 10 EURM. Each EURM is backed 1:1 by the Euro and stored in Spanish banks such as BBVA and Caixabank. MONEI CEO Alex Saiz Verdaguer commented on the matter:
“Another step towards the complete digitalization of payments. The new stablecoin project is more secure, programmable, economical, democratic, and liberalized than ever.”
According to the announcement, EURM will facilitate transactions between any two individuals with access to a mobile phone in milliseconds. Additionally, the commission fee will drop to as low as one thousandth of a euro per transaction. The stablecoin project’s infrastructure also includes various corporate options such as monthly or daily worker payments or real-time efficiency bonuses based on robotic instructions.
Bank of Spain and the CBDC Program
The Bank of Spain announced the launch of its own central bank digital currency (CBDC) program in 2022. Later, MONEI’s Verdaguer hinted that EURM could be the preferred technology for the Bank of Spain, while announcing a separate test to be conducted in January 2024 with Cecabank, Abanca, and Adhara Blockchain.
The Spanish CBDC program is in a unique position as it is explicitly stated to be independent of the digital euro project that would encompass all economies in the eurozone if implemented. Meanwhile, Spain’s Ministry of Economic Affairs and Digital Transformation announced that it would implement the European Union’s Markets in Crypto-Assets Regulation six months ahead of the deadline.
