Every EURM is backed on 1:1 par by euro and stored at Spanish banks, such as BBVA and Caixabank.
Spanish fintech firm Monei has started trials of a euro-backed stablecoin EURM under the supervision of the Bank of Spain.
An announcement published on Monei’s website on Jan. 29 states the trial in the regulatory sandbox began in January. It features a group of individual users, limited to minimize the error margin.
The trial will examine EURM’s transaction capability. Each user will verify their identity, upload the wallet, deposit 10 euro to their account and exchange it for 10 EURM. Every EURM is backed 1:1 by euro currency and stored at Spanish banks, such as BBVA and Caixabank.
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Source: https://cointelegraph.com/news/euro-backed-stablecoin-eurm-trials-spain