Monei has received approval from the Bank of Spain to test euro-backed stablecoins

ChainCatcher news, the Spanish bank supports the pilot operation of the euro stablecoin for the fintech company Monei. The euro-pegged digital token EURM has emerged from the Spanish bank's digital sandbox for testing innovative new proposals. EURM facilitates euro transfers and online payments across Europe by creating tokens using Ethereum and Polygon blockchain technology.

During the testing phase, users input their phone numbers, verify their identities through video recognition, and load real euros into their wallets via the Spanish instant payment service Bizum. An equivalent amount of EURM is automatically created to match the real euros deposited by the user, which they can send to other registered users. (Finextra)