Schuman’s new euro-backed stablecoin, anticipated to launch in the upcoming weeks, categorizes 107 nations as “high-risk.”
A new euro-backed stablecoin is making its debut as Europe prepares for the Markets in Crypto-Assets Regulation’s (MiCA) final enforcement deadline by year’s end.
With the introduction of EURØP, a new euro-pegged stablecoin, Schuman Financial, a new cryptocurrency company established by former Binance executives Martin Bruncko and Eduardo Morrison, has formally come out of stealth mode.
The launch of EURØP follows Schuman Financial’s disclosure on November 26 that it had concluded an oversubscribed seed round of 7 million euros ($7.36 million) in September, which Web3 venture capital firm RockawayX led.
Lightspeed Faction, Kraken Ventures, Nexo Ventures, GnosisVC, Delta Blockchain Fund, Renaissance Ambition AG, Bankless Ventures, and others were among the other investors.
EURØP will soon go operational.
EURØP, the first product from Schuman Financial, is a 1:1 pegged stablecoin in euros aimed at customers worldwide. Its use cases include onchain foreign exchange trading, digital payments, and tokenized real-world assets.
According to a Schuman Financial representative, the new stablecoin is backed by cash and cash equivalents and is anticipated to launch soon. They stated:
“While we don’t have an exact date, it should be live in the next two weeks.”
EURØP is anticipated to list all the leading European centralized cryptocurrency exchanges after being accessible on the Ethereum and Polygon networks. According to Schuman Financial, more decentralized financial and blockchain integrations will happen in the upcoming months.
One hundred seven nations are classified as “high-risk” by the new stablecoin.
A representative for Schuman Financial said that although the company aims to reach people worldwide, it will not be accessible in nations like Iran, North Korea, Venezuela, and the Russian Federation.
Additionally, the spokesperson cited the company’s list of high-risk territories, which, as of this writing, consists of 107 nations.
Turkey, which had the most significant stablecoin purchases in April about its GDP, is among the largest stablecoin markets on the list. The United Arab Emirates, South Africa, and El Salvador are also listed.
Information from globally renowned organizations such as the Financial Action Task Force, the European Union, the United Nations, the Office of Foreign Assets Control, and Transparency International was used to produce this list.
Salvus SAS, a division of Schuman Financial, obtained a stablecoin issuer license in France.
According to the representative of Schuman Financial, EURØP’s subsidiary, Salvus SAS, acquired an electronic money institution to comply with Europe’s MiCA framework.
Schuman Financial can now lawfully issue e-money tokens pegged to any currency throughout the European market thanks to the approval of Salvus SAS’ e-money token license by the French Prudential Supervision and Resolution Authority.
With the clearance, Schuman Financial is constructing a regulated stablecoin ecosystem that includes custody with prominent international institutions, such as Société Générale, and integration with the Single Euro Payments Area (SEPA).
