As Europe approaches the final enforcement deadline for the Markets in Crypto-Assets Regulation (MiCA) at the end of the year, Schuman Financial, a new cryptocurrency firm, has launched a euro-backed stablecoin, EURØP. The firm was founded by former Binance executives, including Martin Bruncko and Eduardo Morrison.
EURØP: Euro-Pegged Stablecoin Launch
EURØP is pegged 1:1 to the euro and aims to cater to global users. Its primary uses include digital payments, on-chain foreign exchange trading, and tokenized real-world assets. The stablecoin is fully backed by cash and cash equivalents and will initially be available on Ethereum and Polygon networks, with future expansions planned.
Schuman Financial secured 7 million euros ($7.36 million) in a seed round led by RockawayX in September. Other investors include Lightspeed Faction, Kraken Ventures, and Nexo Ventures. The firm expects EURØP to be live within two weeks, though no exact date has been set.
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
Schuman Financial Restricts High-Risk Countries
While targeting a global audience, Schuman Financial will restrict access in countries such as Iran, North Korea, Venezuela, and Russia. The company’s high-risk jurisdictions list includes 107 countries, including stablecoin-heavy markets like Turkey, El Salvador, South Africa, and the UAE.
EURØP complies with the MiCA framework through theacquisition of an e-money token license by Schuman Financial’s subsidiary, Salvus SAS. The French Prudential Supervision and Resolution Authority granted this license, allowing the firm to issue e-money tokens pegged to any currency within Europe.
Schuman Financial is also building a regulated ecosystem with integrations into the Single Euro Payments Area (SEPA) and partnerships with global banks such as Société Générale.
This article was written by Tareq Sikder at www.financemagnates.com.
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