Monerium has partnered with blockchain analytics firm Elliptic to boost compliance and real-time monitoring for its EURe stablecoin.
Monerium, the issuer of the EURe stablecoin, is teaming up with British blockchain forensic firm Elliptic to strengthen its compliance systems and manage regulatory risks as it expands services across blockchain networks.
In a press release shared with crypto.news, Monerium said the move aligns with its efforts to meed more demand following its recent virtual asset service provider license approval. To support that growth, the company will use Elliptic’s Lens, Investigator, and Navigator tools for automated anti-money laundering screening, real-time monitoring, and cross-chain investigation, the press release reads.
Gísli Kristjánsson, co-founder and CEO of Monerium, said that Elliptic’s technology provides the stablecoin issuer with the tools “to mitigate risks, ensure compliance, and enhance interoperability across multiple blockchain networks, enhancing the trust and security we offer to our customers.”
You might also like: The United States SEC’s timely stablecoin guidelines | Opinion
Monerium claims it has processed over €4 billion in transaction volume and claims EURe is the most widely used stablecoin in Europe by that measure. It’s expected that with Elliptic, the new compliance tools could help Monerium reduce manual checks by up to 60%.
Elliptic CTO Jackson Hull commenting on the partnership said that Monerium will now be equipped to “manage operational hurdles, including compliance scalability, identifying fraudulent activity and maintaining transparency while safeguarding user data.”
EURe is backed by euro-denominated deposits and connected to the SEPA system, allowing euro transfers between blockchain wallets and traditional bank accounts. As of press time, the stablecoin is available on Ethereum, Polygon, Gnosis, Cosmos, and Noble networks.
Read more: Synthetix’s algorithmic stablecoin sUSD continues to de-peg, falling to $0.85
