EUREV1
Monerium EUR emoney v1
$1.1430
0.18%
Monerium EUR emoney v1
EUREV1
$1.1430
0.18%
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Monerium EUR emoney v1 Information
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About Monerium EUR emoney v1
Monerium EURe V1 was the original version of Monerium’s euro-backed e-money token, issued under European regulation. It provided a compliant digital euro for transfers, payments, and DeFi applications, though with higher gas costs than its successor. V1 remains functional after the 2024 upgrade, forwarding operations to the more advanced V2 system.
Monerium EURe (EURE) V1 was the first generation of Monerium’s euro-denominated stablecoin contracts, launched as part of the company’s mission to bring regulated electronic money onto public blockchains. Issued under Monerium’s e-money license, EURe V1 functioned as a euro-backed ERC-20 token, legally recognised as redeemable electronic money under the European Economic Area (EEA) framework. Each token was fully backed by safeguarded euro deposits, making it distinct from algorithmic or collateralised stablecoins.
As the earliest iteration, EURe V1 provided a compliant digital euro for transfers, payments, and integration into decentralised finance (DeFi) applications. It established the foundation for Monerium’s vision of regulated fiat on-chain, creating one of the first bridges between traditional financial law and blockchain-based settlement.
EURe V1 was primarily used for euro-denominated transactions in both consumer and business contexts. Users could hold, send, and receive EURe as a blockchain-based euro, enabling cross-border payments and faster settlement compared to traditional banking. Developers and DeFi protocols adopted EURe V1 as a source of regulated euro liquidity, useful in trading, lending, and other programmable finance scenarios. For enterprises, EURe V1 offered a legal, compliant means to integrate euro payments into smart contracts and digital platforms.
EURe V1 was designed around the ERC-20 standard, ensuring interoperability across Ethereum and later expanded to multiple EVM-compatible chains. The V1 contracts followed a straightforward design for transfers and approvals, with security and compliance processes handled off-chain by Monerium EMI ehf. While functionally sound, the V1 architecture was relatively gas-intensive, meaning that common operations like transfers and approvals incurred higher transaction costs compared to newer implementations.
A distinguishing feature of V1 was its legal robustness rather than technical innovation. By being issued as e-money, EURe V1 was always redeemable 1:1 for euros and operated under established European financial supervision. This allowed the token to be used confidently by institutions and businesses seeking compliance without exposure to the risks of unregulated stablecoins.
In 2024, Monerium initiated the migration from V1 to V2 smart contracts. While V1 continued to function, balances and operations were redirected to the upgraded V2 system, which introduced gas-efficient design and support for ERC-2612 Permit for gasless approvals. Users of V1 did not need to take action, as the migration was handled at the contract level. This ensured continuity and preserved balances, while V2 became the standard for new integrations and development.
Despite the upgrade, Monerium committed to supporting V1 indefinitely, acknowledging that migration processes across wallets, explorers, and DeFi protocols take time. As a result, V1 remains functional, with transactions automatically interacting with the V2 system in the background.
The token is issued by Monerium EMI ehf, founded in 2016 in Reykjavík, Iceland by Sveinn Valfells, Jon Helgi Egilsson, Tryggvi Björn Gunnarsson, and Gísli Kristjánsson. The team brought together expertise in finance, central banking, and software development, positioning Monerium as one of the first licensed entities in Europe dedicated to issuing electronic money on blockchains. Its regulatory approval under the Central Bank of Iceland and the broader European legal framework places it at the intersection of traditional finance and decentralised technology, aiming to provide compliant digital cash solutions for a global economy.
