Key Insights:
- Monerium’s EURe stablecoin is the first fully MiCA-compliant euro-backed token on the Cosmos blockchain, backed by euro deposits.
- Through Inter-Blockchain Communication protocols, Noble facilitates the seamless transfer of stablecoins like EURe and USDC across multiple blockchains.
- EURe’s SEPA integration enables instant euro transfers between blockchain wallets and traditional EU bank accounts, enhancing user flexibility.
Monerium has introduced its euro-backed stablecoin, EURe, on the Noble blockchain, marking the first fully MiCA-compliant stablecoin on the Cosmos ecosystem. Backed by euro-denominated deposits, EURe is integrated with the Single Euro Payments Area (SEPA) framework, enabling seamless and instant transfers between on-chain and bank accounts within the European Union.
This development extends Monerium’s reach beyond Ethereum and Polygon to Cosmos, leveraging Noble’s infrastructure for secure and compliant transactions. As an authorized Electronic Money Institution since 2019, Monerium has consistently adhered to Markets in Crypto-Assets (MiCA) regulations, ensuring its digital assets fully comply with EU standards.
Monerium Partners with Noble to Power EURe transactions
Monerium’s collaboration with Noble enhances the functionality of its stablecoin by enabling seamless transactions across multiple blockchains. Noble, a key player in the Cosmos ecosystem, specializes in stablecoin issuance and transfer across various tier-1 blockchains. Since its inception in 2023, Noble has managed up to $280 million in assets and facilitated over $3 billion in Inter-Blockchain Communication (IBC) transfers.
Noble’s role as the native issuer of USDC within the Cosmos ecosystem underscores its significance in the stablecoin market. Its interoperability through the IBC protocol makes it a critical hub for digital asset transfers across blockchains. With more than 90 application-specific blockchains connected, including Cosmos Hub, Injective, and Celestia, Noble is well-positioned to support the growth of stablecoins like EURe.
Expanding Compliance and Integration
Monerium’s launch of EURe aligns with the growing regulatory landscape in Europe. Following Circle’s acquisition of an e-money license from France in July, which positions it to compete in the EU market, Monerium’s entry further intensifies the competition among stablecoin issuers. The stablecoin’s compliance with MiCA regulations provides users with confidence in its stability and security.
Monerium’s IBAN feature allows for streamlined euro transfers between blockchain and traditional banking systems, further integrating digital assets with existing financial infrastructure. This innovation enables users to manage euro transactions easily, bridging the gap between on-chain assets and conventional bank accounts.
Growing Competition in the EU Stablecoin Market
Circle CEO Jeremy Allaire has recently noted the growing competition in the European stablecoin market, particularly after the implementation of phase one of MiCA regulations, which focuses on stablecoin compliance. Circle’s USDC and EURC stablecoins are positioned to benefit from the company’s compliance efforts. However, Tether CEO Paolo Ardoino has expressed concerns over the regulation’s stipulation that 60% of stablecoin reserves must be held in bank cash.
As the regulatory landscape continues to evolve, Monerium’s fully compliant EURe stablecoin is poised to compete in the rapidly growing European market. Its integration with Noble’s infrastructure and SEPA ensures efficient and secure transactions, cementing its position as a key player in the euro-backed stablecoin space.
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