Monerium, issuer of the onchain euro EURe
Monerium calls itself the onchain fiat platform. It is an electronic money institution that issues EURe, a euro e-money token on public blockchains, and gives each customer an IBAN linked to a blockchain wallet. Dated events are in the calendar below.
An e-money institution on the blockchain
Monerium is authorized as an electronic money institution and as a virtual asset service provider by the Financial Supervisory Authority of the Central Bank of Iceland. Iceland belongs to the European Economic Area, and Monerium passports its license across the EU. The company says it was the first e-money institution authorized to issue e-money on a public blockchain, in 2019.
EURe and the Web3 IBAN
EURe is Monerium's euro token. Euros that arrive by SEPA transfer on a customer's Web3 IBAN are minted as EURe in the linked wallet. EURe sent from the wallet is burned and arrives as euros in a bank account. Holders can redeem EURe at par at any time, and Monerium states that each token is backed by more than 100 percent in high-quality liquid assets held in segregated accounts. The home page lists Ethereum, Polygon and Gnosis as chains for EURe.
For businesses, Monerium offers an API for payment flows, fiat on-ramps and off-ramps, account management and payroll. Among its partners it names MetaMask, Safe, Gnosis Pay, Aave and CoW Swap, and partners use EURe for card payments and for SEPA payments from multisig accounts.
EURe under MiCA
A token that references the euro alone is an e-money token under MiCA, and Monerium describes itself as MiCA compliant. The rules are the same for every euro token in the EU: the issuer must be a bank or an e-money institution, redemption is at par and without a fee, and Article 54 requires at least 30 percent of the reserve funds in separate accounts at credit institutions.
EURe sits next to other euro e-money tokens: AllUnity's EURAU under a BaFin license in Frankfurt and Circle's EURC under a French license. They differ in how they reach users. Monerium ties each token account to a named IBAN, so a company can receive a SEPA payment and hold the money onchain in the same step.
Upcoming events on stablecoins and digital money
Monerium at Finance Loop
Monerium is among the contributors to The Future of Money in Europe, the institutional report that Venturebloxx and Finance Loop prepare on stablecoins, tokenized deposits and central bank digital currencies. The other contributors include J.P. Morgan Kinexys, Euroclear, Banque de France, Fnality, Commerzbank and Worldline.
Payments & Digital Money
Risk & Compliance
Is Monerium regulated?
Yes. Monerium is an electronic money institution supervised by the Financial Supervisory Authority of the Central Bank of Iceland, and it passports this license across the EU.
What is EURe?
EURe is the euro e-money token that Monerium issues on public blockchains. Each token is redeemable for one euro, and customers mint and redeem it through SEPA transfers to and from their Web3 IBAN.
How does EURe compare with EURC and EURAU?
All three are euro e-money tokens under MiCA with redemption at par. EURe comes with an IBAN per customer from an Icelandic e-money institution, EURC from Circle under a French license, and EURAU from AllUnity under a BaFin license. The euro stablecoins page compares them further.
Monerium and Finance Loop
Finance Loop works with Monerium on the report The Future of Money in Europe and covers euro e-money tokens in its Payments & Digital Money track. Finance Loop is media partner of Capital & Code, hosted by the euro stablecoin issuer AllUnity in Frankfurt, and strategic partner of the Digital Euro Association.
Finance Loop is a professional network and has the goal of driving the adoption of emerging technologies in finance, such as AI, digital payments, cloud and blockchain solutions. Finance Loop helps its members build skills and personal networks in these fields: Investment & Digital Assets, Payments & Digital Money, Digital Infrastructure & Sovereignty, and Risk & Compliance.