Monerium EUR emoney v1

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 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.