Gnosis Chain, an EVM-compatible, community-owned network, announced the launch of EURe, an authorized and regulated euro token, on their platform.

This token has been issued by Monerium, an electronic money institution, a European financial institution that is licensed to operate in the EEA.

"Monerium is a fully authorized and regulated Electronic Money Institution (EMI), licensed to issue e-money for residents in the European Economic Area, the UK, and Switzerland. This makes EURe far more than just a euro-pegged stablecoin", Gnosis Chain said in the announcement.

Overcollateralized by 102%, each EURe has an extra 2% reserve to protect its value. The EURe is redeemable on demand 1:1, ensuring it always maintains the same value as the euro in your bank account. 

Sending EURe to traditional bank accounts is just as easy. With a signature from the Safe wallet, the EURe is burned and sent via SEPA as a euro to any bank account.