Stablecoin startup Schuman Financial unveils MiCA-compliant Euro token

Stablecoin startup Schuman Financial, backed by Nexo and Lightspeed Faction, has introduced EURØP, a MiCA-compliant euro stablecoin.

A quiet shift is emerging in Europe’s financial landscape as blockchain technology and regulatory clarity combine to reshape the way the euro moves on-chain. Schuman Financial, a European blockchain startup, announced in a blog announcement on Tuesday that it will launch its flagship product called EURØP, a MiCA-compliant, euro-backed stablecoin designed to integrate traditional financial services into blockchain ecosystems.

Intended to act as a bridge between Web3 and traditional finance, EURØP is believed to offer the services necessary to “bring European financial services on-chain and enable the next step in the evolution of global financial markets.”

The stablecoin is “fully backed by cash and cash equivalents,” Schuman said, adding that it will initially run on Ethereum (ETH) and Polygon (POL), with plans to expand across additional blockchains and decentralized finance protocols “in the coming months.”

“As financial services change on-chain, the role of the euro in the digital asset space will inevitably grow, and grow quite dramatically. “We can already see growing interest in stablecoin payments, and this use case is just getting started.”

Martin Bruncko, founder of Schuman Financial

Listing on all European crypto exchanges

To strengthen transparency and compliance, Schuman Financial has partnered with Société Générale for banking infrastructure and KPMG for auditing. The company stated that it plans to list EURØP on major European crypto exchanges “in the coming weeks,” but did not name specific platforms.

As demand for euro-backed stablecoins increases due to rising interest rates in Europe and regulatory challenges in the US, Schuman Financial aims to capture a growing share of the $180 billion stablecoin market. The company noted that “euro-backed stablecoins are relatively underrepresented and present a huge growth opportunity.”

Founded in early 2023, Schuman Financial has raised €7 million in a seed round led by RockawayX, with support from other investors such as Lightspeed Faction, Kraken Ventures and Nexo Ventures. The company also received the Electronic Money Token license issued in France under the Crypto Asset Markets Regulation.