- EURØP complies with MiCA regulations through Salvus SAS’s stablecoin issuer license.
- Schuman Financial launches EURØP, a euro-pegged stablecoin for global users.
Schuman Financial, a cryptocurrency firm founded by former Binance executives Martin Bruncko and Eduardo Morrison, has launched EURØP, a euro-backed stablecoin. This move comes as Europe prepares for the final enforcement deadline of the Markets in Crypto-Assets Regulation (MiCA) at the end of 2024.
EURØP is a 1:1 pegged stablecoin, fully backed by cash and cash equivalents. It will initially launch on the Ethereum and Polygon blockchains and is expected to list on major European centralized exchanges. Schuman Financial also plans to expand EURØP’s integrations with decentralized finance (DeFi) protocols in the coming months.
Moreover, the launch follows Schuman Financial’s 7 million euro ($7.36 million) seed funding round in September. It led by Web3 venture firm RockawayX. Other investors include Kraken Ventures, Nexo Ventures, and GnosisVC. Schuman Financial aims to offer EURØP to global users, but it will not be available in certain regions such as Iran, North Korea, Venezuela, and Russia. The company has identified 107 high-risk jurisdictions, in line with international regulations from bodies like the Financial Action Task Force.
EURØP in the European Market
EURØP complies with the MiCA framework through a stablecoin issuer license obtained by Schuman Financial’s subsidiary, Salvus SAS. The license, granted by the French Prudential Supervision and Resolution Authority, allows the company to issue e-money tokens within the European market. This paves the way for Schuman Financial to integrate with the Single Euro Payments Area (SEPA). And partner with global banks like Société Générale.
Schuman Financial’s EURØP launch highlights the increasing interest in regulated stablecoins, particularly euro-pegged ones, as digital finance continues to grow and evolve in the European market.
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