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First MiCA-approved euro stablecoin launches on Cosmos

First MiCA-approved euro stablecoin launches on Cosmos

Grafa2024/09/19 00:40
By: Mahathir Bayena
MATIC0.00%ATOM-0.13%

Monerium has officially launched the EURe, the first euro-backed stablecoin compliant with the Markets in Crypto-Assets (MiCA) regulations, on the Cosmos ecosystem via the Noble blockchain.

The stablecoin is fully collateralized by euro deposits and integrated with the Single Euro Payments Area (SEPA) framework, enabling instant euro transfers between blockchain wallets and traditional bank accounts.

EURe extends Monerium’s reach beyond Ethereum (CRYPTO:ETH) and Polygon (CRYPTO:MATIC), positioning it as a MiCA-compliant solution for stablecoin transactions.

"Compliant under EU’s MiCA regulations, EURe is fully collateralized by euro deposits and is integrated into Europe’s SEPA framework," Monerium stated in the launch announcement.

This integration allows for seamless movement of euros between self-custody blockchain wallets and custodial bank accounts.

Noble, the blockchain partner for the project, has played a critical role in facilitating stablecoin transfers using the Inter-Blockchain Communication (IBC) protocol.

Since its inception in 2023, Noble has managed over $280 million in assets and has processed over $3 billion in transfers across various blockchains, including Cosmos Hub and Injective.

Noble serves as a central platform for issuing stablecoins such as Circle’s USDC, making it a key player in the Cosmos ecosystem’s expansion.

Monerium’s unique integration allows for the use of IBANs, further linking euro transactions between traditional banking systems and on-chain wallets.

Noble’s role in this ecosystem highlights its growing influence in the space of stablecoins and real-world assets (RWAs).

Circle, which obtained an e-money license from France in July, has also entered the EU market, with its CEO, Jeremy Allaire, acknowledging increasing competition under MiCA.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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