According to Finextra, Monei has been approved by the Bank of Spain to test a euro-backed stablecoin, named EURM, based on Ethereum and Polygon. During the testing phase, users can verify their identity by entering their phone number, via video recognition, and deposit euros into their wallets through Spanish instant payment service Bizum. Monei will automatically create the same amount of EURM as the real amount of EURM deposited by the user. Euro fiat currency will be held by financial institutions including BBVA and Caixabank.