Key Takeaways
- The stablecoin, pegged 1:1 to the euro, is designed for global use cases, including digital payments
- The stablecoin aims to capitalize on the euro’s potential in the digital financial ecosystem,
Schuman Financial, a newly established cryptocurrency firm founded by former Binance executives Martin Bruncko and Eduardo Morrison, has introduced a euro-backed stablecoin named EURØP. The launch comes as Europe prepares for the full enforcement of the Markets in Crypto-Assets Regulation (MiCA) at the end of the year
The stablecoin, pegged 1:1 to the euro, is designed for global use cases, including digital payments, on-chain foreign exchange trading, and tokenized real-world assets. Fully backed by cash and cash equivalents, EURØP will initially be available on Ethereum and Polygon networks, with future expansions planned. The stablecoin aims to capitalize on the euro’s potential in the digital financial ecosystem, a market largely dominated by dollar-backed stablecoins.
Schuman Financial secured €7 million ($7.36 million) in a seed funding round in September, led by RockawayX and supported by investors such as Lightspeed Faction, Kraken Ventures, and Nexo Ventures. This funding has been instrumental in advancing the development of EURØP and building a broader euro-focused digital ecosystem.
In compliance with the MiCA framework, Schuman Financial has obtained a stablecoin issuer license from France’s Autorité de Contrôle Prudentiel et de Résolution (ACPR). The license, granted to its subsidiary Salvus SAS, allows the company to issue e-money tokens pegged to any currency across Europe. Schuman Financial is the first firm to achieve this under MiCA.
Bruncko, Schuman Financial’s CEO, talked about the euro’s untapped potential in the digital asset space, noting that euro-denominated financial services currently represent a third of the global financial market. “As financial services increasingly shift on-chain, the role of the euro in digital assets will grow, especially as stablecoin payments begin to take off.”
While the stablecoin is intended for a global audience, Schuman Financial stated that it has restricted access in countries including Iran, North Korea, Venezuela, and Russia. The firm further lists 107 high-risk jurisdictions, including Turkey and South Africa, which are among the largest stablecoin markets.
The introduction of EURØP comes at a pivotal moment for Europe’s crypto sector. MiCA is expected to provide clarity and encourage innovation while ensuring investor protection and market stability. Schuman Financial’s ability to navigate these regulatory frameworks positions it as a potential leader in Europe’s digital financial evolution.
With its euro-backed stablecoin and plans to integrate into the Single Euro Payments Area (SEPA), Schuman Financial is aiming to bridge traditional finance with blockchain technology.
While the exact launch date of EURØP has yet to be announced, the stablecoin is expected to be operational within weeks.
