As the Markets in Crypto-Assets Regulation (MiCA) approaches its final enforcement deadline later this year, Europe is set to welcome a new euro-backed stablecoin to the digital currency landscape.
Schuman Financial, a recently established cryptocurrency firm founded by former Binance executives Martin Bruncko and Eduardo Morrison, has announced its launch, unveiling its inaugural product, the EURØP stablecoin. The company, which has been operating in stealth mode, made the announcement following the completion of a highly successful €7 million seed funding round in September. The round, led by Web3 venture capital firm RockawayX, also attracted investment from Lightspeed Faction, Kraken Ventures, Nexo Ventures, GnosisVC, Delta Blockchain Fund, Renaissance Ambition AG, Bankless Ventures, and other notable backers.
EURØP: A Fully-Backed Euro Stablecoin Set to Launch Soon
Schuman Financial’s first offering, EURØP, is a stablecoin pegged 1:1 to the euro. It aims to serve a variety of use cases, including digital payments, on-chain foreign exchange trading, and tokenised real-world assets. Fully backed by cash and cash equivalents, EURØP is expected to go live within the next two weeks, according to a company spokesperson.
Initially, EURØP will be available on the Ethereum and Polygon networks, with plans to expand its availability to all major European centralised crypto exchanges. Additional integrations with other blockchain platforms and decentralised finance applications are anticipated in the coming months.
Restricted Access in High-Risk Jurisdictions
While EURØP is positioned as a global product, Schuman Financial will restrict its availability in certain regions, including Iran, North Korea, Venezuela, and the Russian Federation. The company’s high-risk jurisdictions list currently includes 107 countries, encompassing significant stablecoin markets such as Turkey, El Salvador, South Africa, and the United Arab Emirates.
The high-risk list is based on assessments from internationally recognised bodies, including the Financial Action Task Force, the European Union, the United Nations, the Office of Foreign Assets Control, and Transparency International.
Regulated Ecosystem Built for Compliance
Schuman Financial’s commitment to regulatory compliance under MiCA is facilitated by its subsidiary, Salvus SAS, which recently obtained a stablecoin issuer licence in France. This was made possible through the acquisition of an electronic money institution, authorised by the French Prudential Supervision and Resolution Authority.
With this approval, Schuman Financial can issue e-money tokens pegged to any currency across Europe, enabling the creation of a fully regulated stablecoin ecosystem. The firm’s plans include integration with the Single Euro Payments Area (SEPA) and the development of secure banking and custody solutions in partnership with leading global banks such as Société Générale.
Schuman Financial’s launch of EURØP highlights the evolving regulatory landscape in Europe and the increasing importance of compliant stablecoins in the global digital economy.
