Monerium has launched EURe on the Noble blockchain, marking the first euro-backed stablecoin in the Cosmos ecosystem.
This stablecoin is backed by Euro deposits and integrated with the SEPA framework. This foundation enables instant Euro transfers between on-chain and custodial bank accounts.
Monerium and Noble Target the European Market
By launching the EURe stablecoin on Cosmos, Monerium has expanded beyond existing networks like Ethereum and Polygon. The company has been licensed as a digital money institution to issue digital money on blockchains since 2019 and is fully MiCA-compliant. This means that the EURe stablecoin and other fiat-backed tokens are compliant with cryptocurrency market regulations .
“In compliance with the EU’s MiCA regulations, EURe is fully collateralized by Euro deposits and integrated into the European SEPA framework. This allows for on-chain self-custody and instant transfers of Euros between bank accounts within the EU,” the announcement read .
Read more: What is the Crypto Asset Market (MiCA)?
Monerium's unique IBAN feature facilitates Euro transfers between on-chain and custodial bank accounts, directly linking to a Noble address. This integration allows users to easily manage Euro transactions across both blockchain and traditional banking systems.
Noble was selected as a key partner for Monerium and is playing a key role in the blockchain space. Since its launch in 2023, Noble has managed up to $280 million in assets and processed over $3 billion in Inter-Blockchain Communication (IBC) transfers. Noble specializes in issuing and transferring stablecoins and real-world assets (RWAs) on tier-1 blockchains. Specifically, it serves as the native issuance network for Circle's USDC within the Cosmos ecosystem.
Noble, which hosts over 90 application-specific blockchains, including Cosmos Hub, Injective, dYdX Chain, and Celestia, is the central hub of the Cosmos Network, enabling seamless interoperability through IBC. Recently, Noble joined Circle in the EU market, following Circle's acquisition of a cryptocurrency license in France in July, thereby complying with EU cryptocurrency regulations.
Read more: Cryptocurrency Regulation: What Are the Pros and Cons?
In a recent interview, Circle CEO Jeremy Allaire predicted greater competition in the EU after the first phase of MiCA regulations takes effect . This phase will focus on stablecoins. Allaire welcomes this competition, stating that compliance is Circle's competitive advantage and positioning his 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 hold 100% of their reserves in government securities. They should not be exposed to a significant portion of uninsured cash deposits in the event of a bank failure. If a bank fails, the securities are returned to their rightful owners," Ardoino wrote .
