Monerium, Frax, and Capa Connect Euro Payments to Onchain FX Markets on Polygon
The EURe/frxUSD liquidity pool is now live on Uniswap v3, marking a major milestone for onchain foreign exchange. Monerium, Frax, and Capa connect Euro payments to onchain FX markets on Polygon, establishing a settlement bridge for European businesses, treasuries, and global fintechs operating on Polygon.
Unlocking Liquid Onchain FX for the Euro
While euro stablecoins have existed onchain for years, the broader market has suffered from a structural bottleneck: fragmented liquidity and a lack of direct settlement rails.
Most stablecoin trading activity remains heavily skewed toward the US Dollar. For European businesses and global fintechs, converting euro balances onchain has often meant dealing with thin order books, higher slippage, or routing through off-chain intermediaries.
To make onchain FX practical for real-world enterprise use, euro markets need deep, compliant liquidity directly paired against USD and connected to instant banking networks. Expanding dedicated, MiCA-compliant trading venues is a crucial step toward building scalable global FX infrastructure.
A regulated euro side for onchain FX
Monerium, Frax, and Capa connect Euro payments to onchain FX markets. Monerium, Frax, and Capa have launched an EURe/frxUSD liquidity pool on Uniswap v3, on Polygon. It gives the euro a direct, liquid pairing against the dollar onchain - a live FX market where a fully regulated, MiCA-compliant euro token meets a fully collateralized dollar stablecoin.
- EURe represents euros onchain: a MiCA-compliant e-money token, backed 1:1 by safeguarded euro reserves and redeemable at par.
- frxUSD represents the dollar side: a fully collateralized stablecoin backed 1:1 by cash-equivalent reserves, including tokenized U.S. Treasury funds.
- Capa, a provider of stablecoin FX and cross-border payment infrastructure, is supporting liquidity and bringing real payment flows and FX activity into the pool.
- Uniswap v3 provides the exchange infrastructure, and Polygon settles the swaps.
The result is a simple, practical market: someone with euros onchain now has a direct route into dollar liquidity, without leaving the network where the money is already moving.
Connecting Euro Liquidity to Global Emerging Markets
This launch extends beyond a single EUR/USD trading pair, it forms a bridge connecting European liquidity directly to global emerging market corridors.
Through Capa’s settlement rails, frxUSD functions as a universal intermediate routing hub. By anchoring into frxUSD, euro balances can automatically route into local fiat-pegged stablecoins across Latin America, Africa, and Asia-Pacific:
- Latin America: Direct bridges into local stablecoins such as BRL1 (Brazilian Real), MXN (Mexican Peso), ARS (Argentine Peso), and COP (Colombian Peso).
- Cross-Border Trade & Remittances: European businesses paying suppliers or contractors in Latin America or Africa can route payments from an EURe balance on Polygon to local fiat stablecoins or bank payouts in seconds, bypassing multi-day SWIFT banking loops.
Get Started
Users can swap EURe and frxUSD or provide liquidity on Polygon through the Uniswap pool.
If you’re looking to explore integration options for EURe on Polygon, Explore Monerium’s integration options and get in touch.
Get frxUSD through FraxNet, Frax’s fiat on-ramp and off-ramp
Disclaimer: Monerium is an electronic money institution authorised in the EEA. EURe and other e-money tokens issued by Monerium represent digital fiat money and do not constitute a form of investment. Nothing in this communication should be interpreted as investment advice, an offer to invest, or a solicitation to buy or sell any financial instrument. Monerium does not pay interest or offer returns on e-money tokens. Holders of e-money tokens issued by Monerium have the right to redeem e-money tokens at par value at any time. Monerium has issued a crypto-asset white paper, which can be accessed on our website www.monerium.com. You can contact us by sending an email to hello@monerium.com.
FAQ
Is Monerium regulated?
Yes. Monerium is a licensed Electronic Money Institution (EMI) authorised by the Central Bank of Iceland and passported across the EU. We were the first EMI authorised to issue e-money on a public blockchain, in 2019, and we are fully compliant with MiCA.
What is MiCA and why does it matter for my product?
MiCA (Markets in Crypto-Assets Regulation) is the EU legal framework for crypto assets. For e-money tokens like EURe, MiCA requires the issuer to hold a valid EMI licence, keep customer funds in safeguarded accounts, and guarantee 1:1 redemption at par value. Building on a MiCA-compliant issuer gives your product legal clarity and protects your users.
What is e-money and how is EURe different from other stablecoins?
E-money is a regulated digital form of fiat currency governed under EU law. EURe is an e-money token: each token represents exactly 1 euro held in a safeguarded bank account. Unlike unregulated stablecoins, EURe carries a legal redemption right — holders can always convert back to euros at par value.
How are customer funds safeguarded?
Customer funds are held in segregated accounts at licensed EU banks, separate from Monerium's own assets. This follows EU e-money rules and means customer funds are protected even in the event of Monerium's insolvency.
How long has Monerium been working in DeFi and crypto?
Over 10 years. Monerium has worked directly with regulators, DeFi protocols, wallets, and crypto companies since the early days of Ethereum. Our compliance and API are built for onchain workflows — not adapted from traditional banking systems.
Does Monerium treat crypto activity as high-risk?
No. Our compliance framework is built specifically for crypto and DeFi. Unlike traditional banks that flag or restrict crypto-related accounts, we understand the difference between regulated DeFi use cases and bad actors. Partners don't need to obscure what they're building.
Which currencies does Monerium support?
Monerium currently supports EUR through EURe. GBP support (GBPe with Faster Payments) is in development.
Are the IBANs issued in the customer's name?
Yes. Every IBAN issued through Monerium is in the individual account holder's own name — not a shared or pooled account. Incoming and outgoing payments look like standard SEPA transfers to any bank.
Can customers use their IBAN for third-party payments?
Yes. IBANs support both incoming and outgoing third-party payments. Customers can pay invoices, receive salaries, pay taxes, and collect from any SEPA-connected bank account.
How fast are payments processed?
SEPA Instant payments settle within 5 seconds, including the time to mint or burn EURe tokens onchain. Standard SEPA (where Instant is not available) settles within one business day.
What does minting and burning mean?
When euros arrive at a Monerium IBAN via SEPA, EURe tokens are minted — created onchain in the connected wallet. When EURe is sent to a bank account, the tokens are burned — destroyed — and euros are sent via SEPA. There is always exactly 1 euro in reserve for each EURe in circulation.
Does Monerium support SWIFT payments?
SWIFT is not currently supported. Monerium operates within the SEPA network. For payments outside SEPA, EURe can be exchanged onchain for other currencies and settled through local payment rails in over 190 countries — often faster and cheaper than SWIFT.
Which countries can open a EUR IBAN?
Residents of over 190 countries can open a EUR IBAN through Monerium. The full list of supported residencies is available in the Monerium documentation.
Which blockchains does EURe run on?
EURe is live on Ethereum, Gnosis, Polygon, Arbitrum, Base, and Linea. Full token addresses and contract details are in the Monerium documentation.
Which wallets does Monerium support?
All wallet types are supported — externally owned accounts (EOA) like MetaMask and Ledger, and smart contract wallets like Safe, Fireblocks, and Dfns.
Which token standards does EURe support?
EURe implements ERC-20 for standard transfers, ERC-2612 (Permit) for gas-efficient approvals, and ERC-1271 for smart contract signature validation. This covers the full range of DeFi integrations and wallet types.
Can we test the integration before signing anything?
Yes. Monerium provides a sandbox environment where you can test the full API with no commitment — account creation, IBAN issuance, payments, and onchain minting and burning.
What integration plans does Monerium offer?
Three options: Whitelabel — manage your users' full lifecycle (KYC, IBANs, payments) via API under your own brand. OAuth — users onboard through a co-branded Monerium portal and authorise your app. Private — API access to your own Monerium account with no user management. The right choice depends on how much of the user experience you want to own.
How long does it take to go live?
You can be live in as little as two weeks. The steps are: test in sandbox, align on compliance requirements (KYC/KYB), sign the partner agreement, and deploy to production.
Can we onboard customers fully via API?
Yes. With the Whitelabel plan, the entire user lifecycle — identity verification, IBAN issuance, and payment operations — runs through the API under your brand. No Monerium branding is required.
Do you support AI-assisted development?
Yes. Monerium provides prebuilt context files for Cursor, GitHub Copilot, Claude, and ChatGPT to help your team integrate faster using AI coding tools.
How can EURe be exchanged or traded?
In DeFi, EURe is available in liquidity pools on Gnosis and Arbitrum, and through aggregators like CowSwap and 1inch on Ethereum, which route through market makers to find the best price. You can also swap directly through the Monerium API on Ethereum, with more chains coming.
Can Monerium support global and cross-border payments?
Yes. EURe can be exchanged onchain for other stablecoins (USDC, USDT, and others) and settled through local banking rails across 190+ countries. This lets you move euros to local bank accounts worldwide — often faster and cheaper than correspondent banking. Monerium can also connect you with payment partners in other jurisdictions where needed.
