Monerium has launched EURe on Noble blockchain, bringing forth the first euro-backed stablecoin on the Cosmos ecosystem.
The stablecoin is collateralized using euro-denominated deposits and integrated with the SEPA framework. Taken together, these fundamentals make it possible to instantly transfer euros between on-chain and custodial bank accounts.
Monerium Integrates Noble for MiCA Compliant Stablecoin
Monerium has launched its EURe stablecoin on Cosmos, extending its reach beyond existing networks like Ethereum and Polygon. The company has held authorization since 2019 as an Electronic Money Institution to issue e-money on blockchains, fully compliant with MiCA. This means that its EURe stablecoin, alongside its other fiat-backed tokens, aligns with Markets in Crypto-Assets regulations.
“Compliant under EU’s MiCA regulations, EURe is fully collateralized by Euro deposits and is integrated into Europe’s SEPA framework This allows instant transfers of euro between onchain self-custody and bank accounts in the EU,” read the announcement.
Read more: What Is Markets in Crypto-Assets (MiCA)?
Monerium’s unique IBAN feature allows for seamless euro transfers between on-chain and custodial bank accounts, directly linking to Noble addresses. This integration offers users the ability to manage euro transactions easily across both blockchain and traditional banking systems.
Noble, chosen as a key partner for Monerium, has emerged as a significant player in the blockchain space. Since its launch in 2023, Noble has managed up to $280 million in assets and facilitated over $3 billion in Inter-Blockchain Communication Protocol (IBC) transfer volume. Noble specializes in issuing and transferring stablecoins and real-world assets (RWAs) across tier-1 blockchains. Notably, it serves as the native issuance network for Circle’s USDC within the Cosmos ecosystem.
With more than 90 application-specific blockchains, including Cosmos Hub, Injective, dYdX Chain, and Celestia, Noble is a central hub in the Cosmos network, enabling seamless interoperability through the IBC. Recently, Noble joined Circle in the EU market after Circle secured an e-money license from France in July, ensuring compliance with the EU’s crypto regulations.
Read more: Crypto Regulation: What Are the Benefits and Drawbacks?
In a recent interview, Circle CEO Jeremy Allaire anticipated more competition in the EU after phase one of MiCA regulations took effect, which focuses on stablecoins. Allaire welcomed this competition, saying compliance is Circle’s competitive advantage, positioning its USDC and EURC stablecoins for success.
Meanwhile, Tether CEO Paolo Ardoino opposes MiCA’s requirement that 60% of stablecoin reserves be held in bank cash.
“Stablecoins should be able to keep 100% of reserves in treasury bills, rather than exposing themselves to bank failures by keeping big chunks of reserves in uninsured cash deposits. In case of bank failure, securities return to the legitimate owner,” Ardoino wrote.
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Source: https://beincrypto.com/monerium-debuts-mica-approved-euro-stablecoin/