EUROe, the first and only EU-regulated stablecoin, comes as the main settlement token on the GEN-X test network, the Web3 ecosystem built with Polygon Supernets for Gaia-X participants, to create a seamless digital market for all Europeans and beyond.
Helsinki, Finland & Hamburg, Germany (March 13th, 2023) – German Gaia-X integrator deltaDAO and Finnish fintech company Membrane Finance have partnered to make EUROe, the first and only EU-regulated full-reserve stablecoin, the main settlement token for the GEN-X network. The Gen-X network 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, identified according to the Gaia-X Trust framework, 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.
Gaia-X is a pan-European cross-sector initiative for a more open and democratic data infrastructure, bringing together more than 365 organizations and companies from 21 national hubs from all sectors, such as mobility, energy, manufacturing, finance, agriculture, aerospace, public services, tourism and healthcare.
The GEN-X network, created by deltaDAO and powered by Polygon Supernets and Ocean Protocol technology stack, connects these industries with the fastest-growing ones, such as AI, Web3, and decentralized financial services. The mission is to enable transparency, portability, data sovereignty and interoperability across data and services in these sectors.
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.
“Europe must overcome the imbalances of its current market and be more digitally competitive to compete on the world stage. 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,” says Kai Meinke, Co-Founder and Business Lead at deltaDAO.
“By giving back control to Gaia-X participants and removing unnecessary settlement intermediaries, we’re supporting the goal to enable more sovereignty in the market,” he continues.
The module-based approach of Polygon Supernets and the ability to connect industry-specific blockchains solve the scalability and compliance challenges. This integration allows Gaia-X to deploy projects that fully adhere to the core principles of decentralization while preserving privacy and championing sustainability and reaping all the benefits offered by Web3 in a modular and seamless manner.
“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,” says Rebecca Rettig, Chief Policy Officer at Polygon Labs.
Registered in the EU as an Electronic Money Institution (EMI) by the FIN-FSA, one EUROe is always redeemable for one Euro. And for each EUROe issued, at least one fiat Euro exists in a European financial institution or bank, ring-fenced from Membrane Finance.
EUROe 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.
As e-money, EUROe can also be made available for large enterprises on private blockchains and non-blockchain environments. This is an essential feature given the nature of decentralized autonomous ecosystems in Gaia-X, where some networks are meant to be private, yet connected to the wider ecosystem.
“We’ve seen a surge in the interest in using EUROe as a payment and settlement currency in various data and tokenization initiatives. Utilizing tokenized EURO on-chain, transactions are faster and more cost-effective, providing full finality for payments and transactions. We are honored to collaborate with deltaDAO and Polygon Labs to make EUROe available to the Gaia-X community, one of the world’s most advanced ecosystem for data and AI, which is used by numerous corporations, government projects, and industry sectors,” according to Juha Viitala, CEO of Membrane Finance and EUROe project.
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 harmonize 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.
