Euro-backed stablecoin trials begin in Spain
Each Euronet model (a Euro digital token) is supported 1:1 with the Euro and is stored in Spanish banks.Each Euronet model (a Euro digital token) is backed 1:1 with the Euro and is stored in Spanish banks such as Banco Bilbao and Cashabank.
The Spanish fintech company Muni has started testing a stablecoin Euront model (a Euro digital token) backed by the Euro under the supervision of the Bank of Spain.A Jan. 29 announcement on Muni's website states that testing on the regulatory safety box began in January. It has a group of individual users that are limited to minimize the margin of error.
The test will examine the transaction functionality of the Euronet model (a digital euro token). Each user verifies their identity, uploads the wallet, deposits 10 euros into their account and exchanges it for 10 model euros (a digital euro token). Each Euronet model (a Euro digital token) is backed 1:1 by the Euro currency and is stored in Spanish banks such as Banco Bilbao and Cashabank.Alex Saiz-Verdagger, CEO of Money, called the test "another step in our journey towards the full digitization of payments." He believes that the new stablecoin offers an opportunity to send money in a way that is "more secure, programmable, economical, democratic and free" than ever before
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