Subscribe to wiki
Share wiki
Bookmark
Monerium
The Agent Tokenization Platform (ATP):Build autonomous agents with the Agent Development Kit (ADK)
Monerium
Monerium is a regulated electronic money institution (EMI) based in Iceland that issues on-chain fiat currencies, with its primary product being the EURe, a euro-backed e-money token. The company's infrastructure connects traditional banking systems, such as SEPA, with public blockchains, enabling euro transfers that comply with European Union (EU) e-money and crypto-asset regulations. [2]
Overview
Monerium is an Electronic Money Institution that provides an on-chain fiat framework for moving euros between traditional banks and Web3 systems. Its EURe token represents regulated e-money on blockchains such as Ethereum, Polygon, and Gnosis, with each token backed by more than 100% in liquid assets held in segregated accounts. Monerium’s infrastructure supports instant euro transfers between off-chain accounts and on-chain wallets, including Web3 IBANs for direct bank-to-wallet transfers. Its APIs are designed to automate payment flows and build financial tools, such as cross-border transfers and payroll systems. Monerium also maintains a regulated compliance structure under EU e-money and crypto-asset rules and provides a sandbox environment for testing integrations without real-world risk. [2] [3]
Products and Services
E-money
E-money is a regulated form of digital value that represents fiat currency on a one-to-one basis and is treated in the European Union as a digital equivalent of cash. It predates modern stablecoins and is already used by major fintech platforms for payments and online financial services. E-money is issued only by authorized institutions and must be fully backed by safeguarded customer funds held in segregated accounts or in qualifying liquid assets, with holdings kept separate from the issuer’s own funds. These safeguards create a priority claim for users if the issuer becomes insolvent. E-money functions as a transferable means of exchange suitable for on-chain use and aligns with the EU’s Market in Crypto-Assets framework. Issuers follow reporting, audit, and compliance requirements, maintain oversight from their supervising authority, and hold reserves with regulated European banks or asset managers to meet redemption needs. [4]
EURe
EURe represents a digital claim on euros held in safeguarded accounts, backed 1:1 with deposits or eligible high-quality liquid assets. EURe holders do not receive interest or returns on safeguarded funds, as prohibited by MiCAR. The token supply expands with customer deposits and decreases through redemptions, with on-chain burning removing tokens from circulation. EURe transfers assign redemption rights to the receiving address, contingent on the recipient being accepted as a Monerium customer. Tokens can be frozen if linked to blacklisted addresses. EURe is not covered by investor compensation or deposit guarantee schemes but remains fully backed by safeguarded assets. It has not been admitted to trading on third-party platforms as of the whitepaper date, though secondary trading may occur independently of issuer involvement. [2]
Technology
EURe runs on public blockchains, specifically Ethereum, Gnosis, and Polygon, using ERC-20 and ERC-2612 token standards. These networks function as decentralized distributed ledger systems where transactions are recorded using cryptographic hashes. Monerium does not control these networks and has no privileged technical access. Transaction execution depends on the consensus rules and technical requirements of the underlying blockchain. The smart contracts for EURe were developed in-house and audited by Ackee Blockchain. Users must follow each network's protocol for submitting valid transactions, and Monerium's role is limited to issuance and redemption, rather than on-chain transaction execution. Blockchain immutability means that transfers are irreversible, and Monerium cannot recover tokens sent to unintended addresses. [2]
Architecture
EURe is structured as an e-money token backed by fiat reserves held in segregated accounts with regulated institutions. Monerium functions as an authorized electronic money institution supervised by the Central Bank of Iceland, and all reserves are safeguarded on behalf of token holders under MiCAR. The redemption flow is designed so users authenticate with their private keys to confirm transactions, after which EURe is burned, and an equivalent amount of euros is sent via SEPA. The system includes formal recovery and redemption plans required under MiCAR, outlining measures for liquidity fees, redemption limits, suspension of redemptions, orderly wind-down procedures, and communication requirements. Governance is governed by Icelandic law, and disputes are subject to the jurisdiction of the District Court of Reykjavík. Smart contract deployment occurs across multiple chains, and Monerium expects to add additional networks over time. [2]
E-Money Tokens
In addition to EURe, Monerium also issues e-money tokens pegged to other currencies within the EEA, including the US dollar (USDe) and the British pound (GBPe). [2]
Web3 IBAN
A key feature of Monerium's platform is the Web3 IBAN, an International Bank Account Number linked directly to a user's blockchain wallet. This allows for seamless fiat on-ramping; when euros are sent to a Web3 IBAN via a standard SEPA transfer, they are automatically converted into EURe tokens and minted to the corresponding wallet. To off-ramp, a user sends EURe from their wallet to a designated address, which burns the tokens and triggers a SEPA transfer of the equivalent amount in euros to their bank account. [2]
Funding
In January 2019, Monerium secured $2 million in seed financing, led by Crowberry Capital. Additional backing came from ConsenSys via its Coven co-ventures initiative and from Hof Holdings. The funds were used to accelerate the development of Monerium’s infrastructure for issuing regulated e-money on blockchains. They came at a time when the company was preparing to become a licensed financial services provider in the EEA. [5]
Partnerships
See something wrong?
The Agent Tokenization Platform (ATP):Build autonomous agents with the Agent Development Kit (ADK)