As a seasoned crypto investor with a decade of experience under my belt, I must admit, the entrance of Schuman Financial’s euro-backed stablecoin, EURØP, into the market has piqued my interest. Having navigated through the crypto landscape during its infancy and witnessing the rise and fall of numerous projects, I can’t help but be intrigued by the pedigree of this new venture, with former Binance executives at the helm.
With the end of the year approaching, Europe is gearing up for the full implementation of the Markets in Crypto-Assets Regulation (MiCA). In this context, a fresh stablecoin backed by the Euro is making its debut on the market.
As a crypto enthusiast, I’m thrilled to share that Schuman Financial, a groundbreaking cryptocurrency venture led by veterans like Martin Bruncko and Eduardo Morrison, who previously excelled at Binance, has stepped out of the shadows with the debut of their innovative euro-backed stablecoin – EURØP.
European fintech startup EURØP recently launched its operations, following closely on the heels of Schuman Financial successfully completing a €7 million ($7.36 million) seed funding round led by venture capital firm RockawayX in September. This announcement was shared with CryptoMoon on November 26.
Other notable backers were Lightspeed Faction, Kraken Ventures, Nexo Ventures, GnosisVC, the Delta Blockchain Fund, Renaissance Ambition AG, Bankless Ventures, and a few more entities.
EURØP set to go live soon
Schuman Financial’s first offering, named EURØP, is a stablecoin that is always worth one euro and caters to international users. Its applications range from facilitating online transactions, participating in foreign exchange trading directly on the blockchain, and representing real-world assets in token form.
According to a representative from Schuman Financial, the upcoming stablecoin is entirely collateralized with cash and cash-equivalent assets. It’s anticipated to start operating soon, as reported to CryptoMoon.
“While we don’t have an exact date, it should be live in the next two weeks.”
First introduced for trading on both Ethereum and Polygon platforms, EURØP is anticipated to appear on prominent European cryptocurrency exchanges soon. According to Schuman Financial, further integration with other blockchain networks and Decentralized Finance (DeFi) systems is planned in the upcoming months.
The new stablecoin labels 107 countries as “high-risk” ones
In an effort to cater to international audiences, Schuman Financial has decided to limit its services, making it unavailable in certain nations such as Iran, North Korea, Venezuela, and Russia, as confirmed by a representative of Schuman to CryptoMoon.
The representative also referred to the company’s high-risk jurisdictions list, which includes 107 countries at the time of writing.
The list encompasses several major stablecoin marketplaces, with Turkey leading the pack due to the highest volume of stablecoin acquisitions compared to its GDP in April. Additionally, El Salvador, South Africa, and the United Arab Emirates are among other notable countries featured on this list.
This list has been assembled by gathering data from esteemed global organizations such as the Financial Action Task Force, the EU, the United Nations, OFAC (Office of Foreign Assets Control), and Transparency International.
Schuman Financial’s subsidiary Salvus SAS acquired a stablecoin issuer license in France
As reported by a spokesperson from Schuman Financial, their subsidiary, Salvus SAS, obtained compliance with Europe’s MiCA framework by acquiring an electronic money institution, thus meeting the regulatory requirements.
In simpler terms, the French regulatory body responsible for financial supervision and resolution has granted a license for digital money tokens to Salvus SAS. This authorization allows Schuman Financial to issue these digital tokens, which can represent any legal currency within the European market.
Under the given approval, Schuman Financial plans to establish a controlled network for stablecoins, which will include connections with the Single Euro Payments Area (SEPA), along with banking ties and custodial services through significant international banks, such as Société Générale.
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2024-11-26 14:54