Monerium
Monerium is an electronic money institution that connects bank transfers with blockchain wallets. Monerium issues EURe, a digital euro token that holders can transfer on supported public blockchains and redeem for euros. This gives wallet users access to euro payments for transfers to other blockchain wallets or bank accounts, with Monerium handling token issuance and redemption.
Customers receive an IBAN linked to their wallet, allowing incoming euro transfers to become EURe tokens. Transfers in the other direction convert wallet tokens into euros paid to a bank account. Developers can also connect applications to Monerium through software interfaces, so a payment product can move money between the banking system and blockchain wallets.
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. EURe is available on Ethereum, Polygon and Gnosis.
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.
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 do you get EURe?
Customers open an account with Monerium and receive an IBAN linked to their wallet. Euros sent to that IBAN by SEPA transfer arrive as EURe in the wallet, and EURe sent back to Monerium is paid out as euros to a bank account.
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 a partner of the Digital Euro Association.
Finance Loop is a professional network supporting the institutional use 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.