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Asset issuance chain Noble and on-chain fiat issuer Monerium have revealed a collaboration aimed at introducing the EURe stablecoin to the Cosmos and Inter-Blockchain Communication Protocol (IBC) ecosystem.
As a result, EURe will be accessible natively on more than ninety Cosmos blockchains and the wider IBC ecosystem.
By utilizing Noble’s issuance platform, users can integrate Monerium’s EURe with all Cosmos and IBC appchains and modular rollups.
We are launching a new stablecoin tomorrow.
Hint: Your wallet becomes your bank account.
Can you guess what it is?— Noble (@noble_xyz) September 17, 2024
The teams stated that this will facilitate “fast and efficient transactions.”
Within Monerium’s framework, each user is assigned a unique IBAN number. This number links to their self-custodial Noble address, allowing for immediate transfers between a bank account and the IBC ecosystem.
As per the press release distributed to Cryptonews,
“This user experience […] effectively allows a wallet to become a bank account (and vice-versa) and opens up a wide range of uniquely-tailored applications, including for payments, foreign exchange, swapping, etc.”
The Monerium EURe is recognized as the first authorized stablecoin in Europe and is the most utilized on-chain Euro-backed stablecoin by transaction volume.
Moreover, it is self-sovereign and the only stablecoin that can be directly transferred between bank accounts and Web3 wallets.
EURe is also available on Ethereum, Gnosis, Polygon.
This will allow for “seamless, efficient transactions across multiple blockchains, offering greater flexibility and utility for users,” noted Gísli Kristjánsson, co-founder of Monerium.
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EURe Leads the EUR-Pegged Stablecoin Race
Monerium is the first Electronic Money Institution (EMI) to adhere to the EU’s Market in Crypto-Asset (MiCA) regulations. It has been authorized to issue e-money on blockchains in Europe since 2019.
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EURe is backed by Euro-denominated deposits maintained in segregated accounts.
Additionally, it is part of Europe’s Single Euro Payments Area (SEPA) framework, enabling near-instant transfers of EUR between on-chain custody solutions and custodial bank accounts.
This year, the stablecoin has achieved nearly €1.1 billion in volume, according to Dune Analytics.
Furthermore, in examining the volume comparison among various EUR-pegged stablecoins for 2024, EURe holds a leading position with a 47.6% market share, as illustrated below.
Source: dune.com
Monerium was established in 2015 to offer on-chain fiat as infrastructure for Web3 developers. In addition to EURe, it also issues GBPe and USDe, the first EU-authorized on-chain sterling and dollar, respectively.
Meanwhile, Noble serves as a blockchain for integrating and transferring native assets to sovereign blockchains, facilitating a smooth flow of stablecoins and other real-world assets (RWAs) between ecosystems.
It is the native asset issuer of USDC, USDY, and USYC for the Cosmos ecosystem.
Noble built a module that allows CEX users to withdraw USDC to any IBC-enabled chain in 1 click.
When supported by CEXs, it will enable rapid and seamless USDC flow from accounts on CEXs like @binance, @okx, @krakenfx, or @kucoincom to ANY of the 118 chains in the interchain.https://t.co/cDkHurcp8L
— IBC (@IBCProtocol) September 13, 2024
The team reported that, since its launch in September 2023, Noble has issued over $280 million in total assets and has surpassed $3 billion in IBC transfer volume.
Jelena Djuric, founder of Noble, remarked that “a Noble-powered ecosystem begins with developers seamlessly accessing deep stablecoin and RWA liquidity to create the next generation of applications, from payments to DeFi and beyond.”
Djuric emphasized that EURe’s native Noble integration will facilitate a variety of innovative use cases, given that users’ wallets serve as their bank accounts.
She also indicated that the two partners will work together “on other fiat-backed assets and the potential of extending such seamless UX [user experience] to additional jurisdictions.”
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The post Noble and Monerium Bring EURe to Cosmos and IBC appeared first on Cryptonews.
