Enabling institutional-scale euro liquidity in onchain FX markets

Monerium addressed this gap by issuing EURe, a fully regulated euro stablecoin built for real-world payments, treasury operations, and onchain settlement.

EURe already enabled euro-native value transfer onchain. The next step was supporting deeper liquidity and more predictable execution for larger trades.

The Challenge: euro liquidity in a dollarized market

Despite the growth of stablecoins, liquidity has remained heavily concentrated in USD pairs. For European participants, this created a structural mismatch.

Operating in USD stablecoins meant introducing FX risk into treasury operations, adding conversion steps, and complicating reporting. Even when euro-denominated stablecoins were available, they often lacked the depth required for institutional transactions.

For Monerium, the challenge was clear: EURe needed to be not just euro-denominated, but liquid and easy to trade at size.

Handling fragmented liquidity and unreliable execution

Prior to integrating with Finery Markets, trading EURe at size presented significant friction.

Liquidity was fragmented across venues, with limited depth available for large transactions. Executing trades in the €500K–€1M range often led to noticeable price impact, forcing users to break orders into smaller parts and manage execution manually.

-

This resulted in:

• Significant slippage

  on larger trades
• Inconsistent pricing

  during execution
• Operational complexity

  for treasury teams
• Lack of predictability

  for time-sensitive transactions

For institutions managing payroll, settlements, or treasury rebalancing, this level of uncertainty was a critical barrier to adoption.

-

Connecting EURe to market makers

Finery Markets strengthened the trading layer around EURe by connecting it to institutional market makers.

-

By integrating with Finery Markets, EURe pairs gained access to:

• Liquidity aggregated

  from multiple market makers
• Smart order routing
  for best execution
• Predictable pricing,
  even for larger trades
• Automated execution
  via API

Crucially, this was achieved without compromising Monerium’s onchain model.

The integration created a streamlined execution flow for euro-denominated trades:

1. A user initiates a swap (e.g., USDC to EURe) directly from their wallet
2. Finery Markets aggregates pricing from connected market makers
3. Orders are routed to the best available liquidity source
4. Execution is completed with minimal slippage
5. Settlement happens onchain, so users keep full control of their funds

-

This turns a fragmented, manual process into a single execution flow for onchain FX

What Finery Markets enables

Finery Markets enabled Monerium to scale EURe liquidity across four key dimensions:

• 

  Aggregated euro liquidity

  Fragmented markets are unified into a single execution layer, providing consistent access to deep EUR liquidity across counterparties.

• 

  Minimal slippage at size

  Trades in the six-figure range can be executed with tight spreads and stable pricing.

• 

  Non-custodial execution model

  Participants retain full control of their assets, aligning with onchain principles while accessing professional trading infrastructure.

• 

  API-first infrastructure

  A single integration provides scalable access to liquidity, enabling rapid expansion across use cases and counterparties.

Building predictable execution for real-world euro flows

The introduction of institutional liquidity providers through Finery Markets has materially improved execution quality for EURe pairs.

The presence of market makers has brought much more predictable execution, even for trades in the six-figure range. Spreads are tighter, slippage is lower, and pricing remains stable throughout the transaction.

Gísli Kristjánsson, CEO of Monerium

With stronger liquidity around EURe, Monerium can better support a range of practical use cases:

• Treasury management: European firms can maintain euro exposure onchain without introducing FX risk
• Payroll and operational payments: Large conversions (e.g., €100K+ salary batches) can be executed instantly and reliably
• Euro-denominated treasury allocation: High-net-worth-individuals can move into EUR onchain without taking unnecessary execution risk
• Onchain FX: Seamless conversion between USD and EUR stablecoins

With deep liquidity now available for EURe, the role of stablecoins in foreign exchange is beginning to evolve.

-

For crypto-native companies and funds, stablecoin-based FX offers:

• Faster
  settlement
• Fewer
  intermediaries
• Greater transparency
  in execution

Stablecoin-based FX flows are expected to grow significantly, especially for euro-dollar trades. For crypto-native companies and funds, this route offers faster settlement, fewer intermediaries, and clearer execution.

Gísli Kristjánsson, CEO of Monerium

-

Looking ahead

For Monerium, the next step is clear: expanding this liquidity model across multiple blockchains, enabling euro-denominated execution wherever institutional demand emerges.

By improving liquidity and execution around EURe, this partnership makes it easier to use euros onchain for larger and more time-sensitive transactions.

As onchain markets mature, access to deep and reliable liquidity in multiple currencies will become increasingly important.