Originally published on: November 26, 2024
Europe is gearing up for the enforcement deadline of the Markets in Crypto-Assets Regulation (MiCA) with the introduction of a new euro-backed stablecoin hitting the market.
Schuman Financial, a cryptocurrency firm founded by ex-Binance executives Martin Bruncko and Eduardo Morrison, has broken cover with the launch of EURØP, a euro-pegged stablecoin compliant with MiCA regulations.
The emergence of EURØP follows Schuman Financial’s successful closure of a 7 million euro seed round led by RockawayX, a Web3 venture capital firm, in September.
Former Binance executive vice president of Europe, Martin Bruncko, leads Schuman Financial alongside a roster of investors including Lightspeed Faction, Kraken Ventures, Nexo Ventures, GnosisVC, and more.
EURØP, Schuman Financial’s flagship product, is a stablecoin tied to the euro on a 1:1 basis, catering to a global audience for digital payments, onchain forex trading, and asset tokenization.
Fully backed by cash and cash equivalents, EURØP is set to launch imminently on the Ethereum and Polygon networks before listing on major European centralized crypto exchanges. Further blockchain and DeFi integrations are anticipated in the near future.
While targeting a global audience, Schuman Financial will restrict access to high-risk jurisdictions, barring countries like Iran, North Korea, Venezuela, and Russia. The company maintains a list of 107 restricted markets based on data from international organizations.
Schuman Financial’s roadmap includes compliance with the MiCA framework through the acquisition of an electronic money institution, Salvus SAS. Approved by the French Prudential Supervision and Resolution Authority, Salvus SAS holds an e-money token license enabling Schuman Financial to legally issue currency-pegged tokens across Europe.
The regulated stablecoin ecosystem being developed by Schuman Financial will integrate with the Single Euro Payments Area (SEPA) network, offering banking channels and custody services through major global banks such as Société Générale.
Stay informed on the latest developments in the cryptocurrency space by subscribing to our newsletter for critical insights on investment opportunities, risk mitigation, and trading strategies delivered every Monday. Subscribe now to gain a competitive edge in the market!
