Spanish fintech MONEI announced that the Bank of Spain authorized the licensed payments fintech to issue a Euro stablecoin, EURM, within its sandbox. The reserve assets are held in accounts at institutions like BBVA and Caixabank.
During the trial phase, there’s a limit of €10 per person, and it’s only open to Spanish residents, although it has pan-European plans. For now payments are free. Users enter their phone number, verify their identity with a smartphone, and then top up their wallet using Bizum. Bizum is a popular Spanish app with more than 20 million users that allows instant payments but also links to most Spanish banks enabling fiat onboarding for the stablecoin.
When a user tops up, the EURM digital currency is automatically minted on the Polygon blockchain and the money is deposited at the financial institution.
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