Schuman Financial Rolls Out EURØP MiCa-Compliant Stablecoin

Schuman Financial, a new cryptocurrency firm founded by Martin Bruncko and Eduardo Morrison, two former Binance executives, has announced the launch of its first core product, the EURØP stablecoin, pegged to the Euro.

EURØP is a Euro-backed, Markets in Crypto-Asset Regulations (MiCa) compliant stablecoin, according to the company’s X post.

It will be listed on all major European centralized crypto exchanges in the next few weeks, according to a spokesperson at Schuman Financial.

The Euro entirely backs the stablecoin, and its reserves are stored in government-supervised European banks, such as Société Générale. KPMG, a world-leading auditing firm, audits its reserves.

It will initially be available on Ethereum and Polygon and will expand to other blockchains in the future.

Origins of The EURØP Stablecoin

In a recently published blog post, Schuman Financial revealed that its team was inspired to create EURØP after it noticed the absence of Euro stablecoins in the crypto market. It cited a lack of regulatory clarity, uncertainty regarding crypto assets, and slower European adoption of emerging technology as reasons for this.

Several months later, the team launched the EURØP stablecoin to fill this gap and bring Europe on-chain. The stablecoin is pegged 1:1 to the Euro and is issued by Schuman’s French-regulated company, which has an Electronic Money Token (EMT) license to issue MiCa-compliant stablecoins.

Currently, most Euro stable coins like Statsis Euro (EURS), EURC, and EURC Coinvertibe (EURCV) have small market caps well under $100 million, with the exception of EURS with a $130.86 million market cap. The total market cap for Euro stablecoins is $330.9 million.

Schuman raised €7 million in a seed round led by Rockaway X in September 2024 to create EURØP. Other angel investors include Lightspeed Faction, Kraken Ventures, Nexo Ventures, Gnosis VC, Delta Blockchain Fund, and Bankless Ventures.