As Europe moves toward the final enforcement deadline for the Markets in Crypto-Assets Regulation (MiCA) by the end of this year, a new euro-backed stablecoin is preparing to make its debut in the market.
Schuman Financial, a newly founded cryptocurrency company established by former Binance executives, including Martin Bruncko and Eduardo Morrison, has officially launched its euro-pegged stablecoin, EURØP, after emerging from stealth mode.
EURØP set to go live soon
The release of EURØP follows Schuman Financial’s successful closure of an oversubscribed €7 million ($7.36 million) seed round in September, with support from Web3 venture capital firm RockawayX. Other investors in the funding round included Lightspeed Faction, Kraken Ventures, Nexo Ventures, GnosisVC, Delta Blockchain Fund, Renaissance Ambition AG, Bankless Ventures, and more.
EURØP is a 1:1 euro-backed stablecoin designed to serve global users. Its use cases include digital payments, on-chain foreign exchange trading, and the tokenization of real-world assets. The stablecoin is fully backed by cash and cash equivalents and is expected to launch soon. A representative from Schuman Financial shared that while an exact date has not been set, the stablecoin should be available in the next two weeks.
Initially, EURØP will be available on the Ethereum and Polygon networks, with plans to list on major centralized crypto exchanges across Europe. Further blockchain and decentralized finance integrations are expected to follow in the coming months.
The new stablecoin labels 107 countries as “high-risk” ones
While EURØP is targeting a global user base, Schuman Financial has excluded certain countries, including Iran, North Korea, Venezuela, and Russia, from using the stablecoin. A spokesperson for the company also revealed that 107 countries were classified as “high-risk” jurisdictions at the time of writing.
This list includes some of the largest stablecoin markets, such as Turkey, which saw the highest stablecoin purchases relative to its GDP in April. Other countries on the list include El Salvador, South Africa, and the United Arab Emirates.
The list was compiled using data from internationally recognized organizations, including the Financial Action Task Force (FATF), the European Union, the United Nations, the Office of Foreign Assets Control (OFAC), and Transparency International.
Schuman Financial’s subsidiary Salvus SAS acquired a stablecoin issuer license in France
EURØP’s compliance with the MiCA framework was made possible through the acquisition of an electronic money institution by Schuman Financial’s subsidiary, Salvus SAS. The French Prudential Supervision and Resolution Authority (ACPR) granted Salvus SAS an e-money token license, allowing Schuman Financial to issue e-money tokens pegged to any currency within the European market.
With this regulatory approval, Schuman Financial is building a fully regulated stablecoin ecosystem. The company is integrating with the Single Euro Payments Area (SEPA), establishing banking channels, and working with major global banks, including Société Générale, to ensure secure custody of its stablecoins.
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