Schuman Financial Unveils EURØP: A New Euro-Backed Stablecoin 🌍💱
Schuman Financial has introduced EURØP, a euro-pegged stablecoin designed to improve digital transactions globally, facilitate on-chain foreign exchange, and enhance tokenized asset markets. The stablecoin is tied to the euro in a 1:1 ratio and is fully backed by liquid assets, as stated in a recent announcement on social media.
The launch of EURØP responds to the growing interest in regulated stablecoins across Europe, particularly in light of the upcoming Markets in Crypto Assets Regulation (MiCA) framework, which is set to bring clarity to the cryptocurrency market.
Recent Funding Milestone for Schuman Financial 💰🚀
This announcement follows Schuman Financial’s successful completion of a seed funding round that raised $7.36 million in September. This funding round was led by RockawayX and saw participation from well-known investors such as Lightspeed Faction, Kraken Ventures, and Nexo Ventures.
Martin Bruncko, CEO of Schuman Financial, emphasized the significant role of euro-denominated services in the global market, which currently represents about one-third compared to the U.S. dollar. He remarked, “As financial services increasingly migrate to blockchain technology, we expect to see a more prominent role for the euro in the digital asset space. The current interest in stablecoin transactions signifies that we are only at the beginning of this journey.”
Initially, EURØP will function on both the Ethereum and Polygon blockchains, with intentions to expand to additional blockchain networks and collaborate with various decentralized finance (DeFi) platforms. Schuman Financial has announced plans to list the stablecoin on key European crypto exchanges while partnering with top-tier custodians, market makers, and other service providers.
Milestones in Regulation: Schuman Financial’s License 🏛️🛡️
In a noteworthy achievement, Schuman Financial has become the first European company to obtain a stablecoin issuer license from France’s Autorité de Contrôle Prudentiel et de Résolution (ACPR), aligning with EU’s MiCA requirements. This license enables the firm to issue e-money tokens that are pegged to various fiat currencies throughout Europe, adding a layer of regulation and trust to its operations.
The EURØP ecosystem is being developed to connect with SEPA payment systems, banking channels, and alliances with major financial entities, including Société Générale. Viktor Fischer, the CEO of RockawayX, indicated that this stablecoin meets the increasing demand for euro-based financial products and benefits from enhanced regulatory certainty, favorable euro interest rates, and the rise in DeFi usage.
Founded by former executives from Binance Europe along with traditional finance veterans, Schuman Financial is focused on establishing a blockchain framework tailored for euro-based financial services.
MiCA-Compliant Stablecoins by Quantoz Payments 📈🔗
In a related development, Quantoz Payments, a Dutch fintech company affiliated with Tether, Kraken, and Fabric Ventures, has launched two new stablecoins, EURQ and USDQ, compliant with MiCA regulations. These tokens are pegged to the euro and the U.S. dollar, respectively, and received their licenses as e-money tokens (EMTs) from the Dutch Central Bank (DNB) on November 18.
Fully supported by fiat reserves, the EURQ and USDQ tokens offer a compliant option for digital transactions, particularly useful within the European Economic Area (EEA). It is essential to note that while the stablecoin market has surpassed a valuation of $140 billion, it lacks regulatory oversight in the United States.
In recent legislative moves, Senators Cynthia Lummis and Kirsten Gillibrand have introduced a proposal aimed at establishing regulatory standards for stablecoins. The United Kingdom is also anticipated to adopt its own regulatory framework for stablecoins in the near future, as noted by Dante Disparte, who oversees global policy at Circle.
Simultaneously, Singapore has enacted comprehensive regulations addressing the stablecoin sector, further affirming the need for regulatory clarity as the market evolves.
Hot Take: A Future Shaped by Regulation and Innovation 🔮🌟
The introduction of EURØP and other compliant stablecoins represents a pivotal shift towards a more regulated digital finance environment in Europe. The proactive steps taken by Schuman Financial and Quantoz Payments set a precedent for how cryptocurrencies can operate within existing financial frameworks, catering to growing market demands while ensuring regulatory compliance.
As stablecoins become more mainstream and regulatory structures solidify, the potential for innovation in the space is significant. This year, the focus on transparency and security is likely to drive adoption among both consumers and businesses in the digital finance ecosystem.
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