MONEI has launched a pilot for the euro stablecoin EURM under the supervision of the Bank of Spain

ChainCatcher news, according to Cointelegraph, the Spanish fintech company MONEI has begun a pilot for the euro stablecoin EURM under the supervision of the Bank of Spain. According to an announcement published by MONEI on January 29 on its website, the regulatory sandbox pilot started in January and is overseen by the Bank of Spain.

It is reported that the pilot will test the transaction capabilities of EURM: users will verify their identity, upload their wallets, deposit up to 10 euros into their accounts, and exchange it for 10 EURM. Each EURM is pegged to the euro at a 1:1 ratio and is held in banks in Spain, such as BBVA and Caixabank.