Schuman Financial has launched EURØP, a euro-backed stablecoin aimed at enhancing global digital payments, on-chain foreign exchange trading, and tokenized asset markets.
The stablecoin is pegged to the euro at a 1:1 ratio and backed by cash and cash equivalents, the firm said in a recent post on X.
EURØP comes amid the increasing demand for regulated stablecoins in Europe, particularly under the upcoming Markets in Crypto Assets Regulation (MiCA) regulatory framework.
Schuman Financial Completes $7M Seed Funding Round
The launch comes on the heels of Schuman Financial’s $7.36 million seed funding round in September, led by RockawayX, with contributions from prominent investors like Lightspeed Faction, Kraken Ventures, and Nexo Ventures.
“Today, euro-denominated financial services account for roughly a third of the global market, dominated by the U.S. dollar,” said Martin Bruncko, CEO of Schuman Financial.
“As financial services move on-chain, the euro’s presence in the digital asset ecosystem is poised for significant growth. Stablecoin payments are already gaining traction, and this is only the beginning.”
Initially, EURØP will operate on the Ethereum and Polygon blockchains, with plans to expand to additional networks and form partnerships with decentralized finance (DeFi) protocols.
Schuman Financial announced that the stablecoin will soon be listed on leading European crypto exchanges and supported by top digital asset custodians, market makers, and service providers.
1/ Schuman Financial is officially LIVE!
After months of work in stealth, we’re here to accelerate the transition of European financial services on-chain with our key infrastructure and MiCA-compliant euro stablecoin EURØP.
Let’s dive into what we’re building.pic.twitter.com/ZE15J8mft4
— Schuman Financial (@Schuman_io) November 26, 2024
Notably, Schuman Financial is the first European firm to secure a stablecoin issuer license in France, granted by the French Autorité de Contrôle Prudentiel et de Résolution (ACPR) under the EU’s Markets in Crypto-Assets (MiCA) framework.
The license permits the issuance of e-money tokens pegged to various currencies across Europe, bolstering Schuman Financial’s regulatory credentials.
The EURØP ecosystem is designed to integrate SEPA payment systems, banking channels, and partnerships with major financial institutions like Société Générale.
According to Viktor Fischer, CEO of RockawayX, the stablecoin addresses rising demand for euro-denominated assets, benefiting from factors like regulatory clarity, euro interest rates, and increasing adoption of DeFi platforms.
Schuman Financial, founded by former Binance Europe executives and traditional finance experts, is building a blockchain infrastructure for euro-denominated financial services.
Quantoz Payments Launch MiCA-Compliant Stablecoins
Last week, Dutch fintech company Quantoz Payments, backed by Tether, Kraken, and Fabric Ventures, launched two stablecoins compliant with the MiCA.
These tokens, pegged to the euro and U.S. dollar (EURQ and USDQ), made a debut on November 18 and are licensed as e-money tokens (EMTs) by the Dutch Central Bank (DNB).
Fully backed by fiat reserves, EURQ and USDQ are designed to provide a regulated option for digital transactions within the European Economic Area (EEA).
Notably, the stablecoin market, currently valued at over $140 billion, remains unregulated in the United States.
Just recently, Senators Cynthia Lummis and Kirsten Gillibrand joined forces to propose a new bill aimed at regulating stablecoins.
The United Kingdom is also expected to implement regulations for stablecoins within a matter of months, according to Dante Disparte, the global head of policy at Circle.
Meanwhile, Singapore has established formal laws for the stablecoin industry.
The post Schuman Financial Introduces Euro-Backed Stablecoin EURØP for Payments and Asset Tokenization appeared first on Cryptonews.
