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, founded by former Binance executives, including Martin Bruncko and Eduardo Morrison has launched a euro-backed stablecoin, EURØP. 

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, although future developments are planned.

The launch comes after Schuman Financial secured 7 million euros ($7.36 million) in a seed round led by RockawayX in September supported by Lightspeed Faction, Kraken Ventures, and Nexo Ventures and others. The firm expects EURØP to be live within two weeks, though no exact date has been set.

“Today, the global euro-denominated financial services represent approximately a third of the financial services market, which is denominated in USD,” Schuman Financial CEO Martin Bruncko noted. “This means that as financial services shift on-chain, the euro’s role in the digital asset space will inevitably grow, and we can already see increased interest in stablecoin payments, and this use case is just starting to take off.”

Why Europe?

It noted that Europe is the second-largest financial market in the world and home to the second most-used currency, yet this isn’t reflected in the stablecoins market. They aim to build the tech & products to make Europe the global leader in the on-chain era.

Schuman Financial Restricts High-Risk Countries

While Schuman Financial it targets global users, it will restrict access in countries such as Iran, North Korea, Venezuela, and Russia. The company’s high-risk jurisdictions list includes 107 countries, including biggest stablecoin markets like Turkey, El Salvador, South Africa, and the UAE.

EURØP’s compliance with the MiCA framework was achieved through the acquisition of an e-money token license by Schuman Financial’s subsidiary, Salvus SAS.

The First European Company To Acquire The License

Notably, Following the license granted by French Autorité de Contrôle Prudentiel et de Résolution (ACPR) under the EU’s MiCA, Schuman Financial becomes the first European company to acquire a stablecoin issuer license in France. 

The company can now issue e-money tokens pegged to any currency in European markets. The MiCA license represents a landmark for the company’s growth. With this, Schuman aims to accelerate its plans to build a euro-dominated Web3 ecosystem offering real-world use cases and bringing traditional finance on-chain. 

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