Digital money for real payments: update on xMoney stablecoins
In December last year, XMoney (Capital Financial Services S.A.) announced EURXM, USDXM, and RONXM, three fully MiCA-aligned, 1:1 fiat-backed stablecoins, and shared a tentative operational target of June 2026 for launch, depending on final Central Bank regulation coming into effect.
Since the June is gone, the company comes with a brief update on the status, timeline, and next steps.
“First, the good news. The products are built. The whitepapers are published. The reserve and audit framework is in place, the infrastructure is ready, and our partners are lined up. From a technology and product standpoint, we are ready to launch.” – according to a company’s blog post.
“Second, what we are waiting on is legal and regulatory in nature, and it sits within the jurisdiction of the Central Bank. To be more precise, under MiCA, an e-money token can only be issued once the national competent authority responsible for e-money tokens is formally designated and operational in the issuer’s home country. Our stablecoins are issued under a Romanian electronic money license, which means the relevant authority is the National Bank of Romania, but the step that formally activates supervision of e-money token issuance still requires a specific piece of national legislation which is not fully finalized.” – the company said.
That legislation is currently in the works, and Romania is in a government-formation period, meaning a caretaker government operates with limited constitutional powers, hence it cannot adopt the type of ordinance this step requires until a new government is in place.
“In other words, we are ready, the European framework is ready, and we are waiting on a national procedural step that today’s interim government is not in a position to complete. Since we operate under full regulated clearance, this means we will only be able to launch when the framework is properly in place and full authorization is ready. After all, this is what MiCA-compliant means. We are staying close to the process; our infrastructure remains ready, and we are prepared to move with intention once the framework becomes operational.” – the company explained.
Want to hear more about stablecoins, decentralized and programmable financial infrastructure and how ecosystems replace institutions as the primary unit of value creation? Why not consider attending Banking 4.0 event in Bucharest on 24-25 November, at Intercontinental Athenee Palace.
