Monerium (EURe)
Licensed Electronic Money Institution (regulated by Iceland's Financial Supervisory Authority, operating under EU e-money rules and MiCA) issuing EURe, an on-chain euro backed 100% by safeguarded high-quality liquid euro reserves and redeemable at par. Live on Ethereum, Gnosis, Polygon, Arbitrum, Base, Linea, Scroll, Noble and Camino; pioneered the Web3 IBAN (euros sent to a personal IBAN arrive as EURe on-chain). Settlement backbone for Gnosis Pay and MetaMask Card. Evidence: official site live with 2026 blog activity (checked 2026-07-18); independently corroborated by CoinGecko and Etherscan listings, DefiLlama stablecoin tracking, and Financial Times coverage (March 2025).
The cleanest regulated euro-on-chain play: real e-money license, 100% safeguarded reserves, self-custodied tokens, and genuine payment traction through Gnosis Pay and MetaMask Card. But it is fiat money made programmable — borrowed unit of account, full banking dependency, KYC-gated, corporate-governed. Weighted M69 score ≈ 2.5: weakly aligned as money, significant as euro-area currency infrastructure.
M69 Score
Scored against the Money2069 Manifesto — see methodology. Higher = more aligned.
Detailed Rating Breakdown
Issuance Model3x3.0
Debt-free 100%-reserve issuance (IM-02 5) with fully elastic two-way supply via mint/redeem (IM-04/IM-05 4), but a single licensed issuer (IM-01 1) and no real-economy linkage — supply tracks bank deposits, not productive activity (IM-03 2).
Spending Power Stability2x3.0
Legally guaranteed 1:1 EUR redemption under e-money law; peg has held since 2019 issuance began (SPS-01/SPS-04 strong for the peg). But the benchmark is a single inflating fiat (SPS-02 2) and purchasing-power drift is not addressed at all (SPS-05 2).
Fiat Independence & Interoperability2x1.0
Definitionally fiat: hard EUR peg (FI-01 1), 100% fiat reserves in safeguarded bank accounts (FI-02 1), cannot function without banking rails (FI-03 1). Fiat integration is the product, not a transition phase (FI-06 2).
Traction2x3.0
Active and growing since 2019 (TR-01 5, TR-02 4); powers real payment flows as the settlement layer for Gnosis Pay and MetaMask Card (TR-07 4) with FT and industry coverage (TR-08 4). But acceptance rides card networks rather than native EURe acceptance (TR-04 2) and the unit of account is borrowed euro (TR-05 2). Weak cultural identity — compliance infrastructure, not a movement (TR-11 2).
Sovereignty2.0
Tokens are genuinely self-custodied in user wallets (SO-04 4), but everything else concentrates: one regulated company, one primary jurisdiction, regulator can halt issuance (SO-01/SO-03 low), and e-money compliance implies freeze/censorship capability (SO-07 2) plus full KYC surveillance relationships (SO-08 2).
Governance2.0
Conventional corporate governance under financial regulation — formal but entirely closed (GO-01 2, GO-02 1); disclosure is what the regulator requires (GO-03 2). No community process, no constitutional monetary rules (GO-07/GO-08 low).
Resilience3.0
Company founded 2016, issuing since 2019; survived crypto winters and the transition to MiCA (RE-01 3); EMI safeguarding gives orderly-failure protection (RE-06 3); multi-chain deployment reduces single-chain risk (RE-05 4). Dependent on banking partners and continued regulatory goodwill; VC-funded (RE-07 3).
Inclusivity2.0
KYC and an IBAN onboarding flow are mandatory (IN-06 2), the product targets banked EEA users (IN-01 3, IN-03 2), and reserve yield accrues to the company rather than holders (IN-04 2). Equal rules apply once onboarded (IN-05 4).