Fintech company Membrane Finance and German Gaia-X integrator deltaDAO have partnered to make EUROe, the first and only EU-regulated full-reserve stablecoin, the main settlement token for the GEN-X network. GEN-X is a Web3 ecosystem built with Polygon Supernets specifically designed for the European AI and data infrastructure initiative Gaia-X.
The partnership enables the Web3 ecosystem and Gaia-X participants to settle AI, data, and infrastructure service transactions on the GEN-X network in EUROe nearly instantly on the blockchain for a fraction of the cost of traditional payment networks.
Seamless settlement for digital transactions #onPolygon ⚡️
We are thrilled to announce the release of EUROe, a digital EURO, on the GEN-X network.
The token launch will enable digital txn at lightning speed for enterprises in the Polygon ecosystem.
— Polygon Labs (@0xPolygon) March 13, 2023
EUROe is registered in the EU as an Electronic Money Institution (EMI) by the FIN-FSA and one EUROe is always redeemable for one Euro. It can also be implemented as part of business operations to enable faster and cheaper international payments or integrated into any Gaia-X-related application to allow automated and programmable Euro–denominated value transfers.
By using EUROe, the cross-border settlement process becomes far leaner and more affordable, reducing third-party risks and the need for intermediaries. This enables applications that natively integrate into the network to settle with a high degree of interoperability, as the participants don’t need to use numerous payment providers.
According to Kai Meinke, Co-Founder and Business Lead at deltaDAO, “Integrating EUROe into the GEN-X network brings us one step closer to creating a seamless and frictionless digital economy that gives all participants a competitive advantage compared to platform solutions that use a fragmented payment approach.”
As the only EU-regulated stablecoin, EUROe has future-proofed its competitiveness in the market ahead of the upcoming European MiCA legislation – the strictest regulatory framework for digital assets ever. It is expected that MiCA will not only harmonise the regulation of stablecoins in the EU, but also affect the global regulatory landscape and take us one giant step further into a European digital single market for AI and data.
GEN-X and the implementation of a regulated, Euro-backed stablecoin is a favorable development in enabling a European data marketplace, which highlights the import of this technology. These types of use cases underscore the benefits of responsible innovation. Positive regulatory guardrails will only further benefit the industry and allow for this technology to flourish.
Polygon Labs develops Ethereum scaling solutions for Polygon protocols and collaborates with other developers to provide scalable, secure, and sustainable blockchain infrastructure for Web3. Their suite of protocols includes layer 2s, sidechains, hybrid chains, and data availability protocols, which have been widely adopted by major Web3 projects and enterprises.
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