Stablecoin startup Schuman Monetary, backed by Nexo and Lightspeed Faction, unveiled EURØP, a MiCA-compliant euro stablecoin.
A quiet shift in Europe‘s monetary panorama is rising as blockchain expertise and regulatory readability converge to reshape how euros transfer on-chain. Schuman Monetary, a European blockchain startup, introduced in a blog announcement Tuesday that it’s launching a flagship product known as EURØP, a MiCA-compliant euro-backed stablecoin designed to combine conventional monetary companies into blockchain ecosystems.
EURØP, meant to function a bridge between web3 and conventional finance, is believed to supply companies essential to “deliver European monetary companies on-chain and allow the subsequent step within the evolution of world monetary markets.”
Schuman says the stablecoin is “absolutely backed by money and money equivalents,” including that it’ll initially function on Ethereum (ETH) and Polygon (POL), with plans for enlargement throughout further blockchains and decentralized finance protocols “within the upcoming months.”
“With monetary companies shifting on-chain, the euro’s position within the digital asset area will inevitably develop—and develop fairly dramatically. We are able to already see elevated curiosity in stablecoin funds, and this use case is simply beginning to take off.”
Martin Bruncko, Schuman Monetary founder
Itemizing on all European crypto exchanges
Schuman Monetary has partnered with Société Générale for banking infrastructure and KPMG for auditing to bolster transparency and compliance. The corporate said plans to checklist EURØP on main European crypto exchanges “within the coming weeks,” although it didn’t identify particular platforms.
As demand for euro-backed stablecoins grows amid rising European rates of interest and regulatory challenges within the U.S., Schuman Monetary goals to seize a rising share of the $180 billion stablecoin market. The corporate famous, “euro-backed stablecoins have been comparatively underrepresented, presenting a large progress alternative.”
Based in early 2023, Schuman Monetary raised €7 million in a seed spherical led by RockawayX, with backing from different buyers, together with Lightspeed Faction, Kraken Ventures, and Nexo Ventures. The agency has additionally secured an Digital Cash Token license in France, issued beneath the Markets in Crypto-Property Regulation.
