Ex-Binance Executives Launch Euro-Backed Stablecoin Ahead of MiCA Deadline
As Europe nears the final enforcement deadline for the Markets in Crypto-Assets Regulation (MiCA) at year-end, Schuman Financial, a new cryptocurrency firm founded by former Binance executives Martin Bruncko and Eduardo Morrison, has unveiled a euro-backed stablecoin called EURØP.
EURØP is designed to maintain a 1:1 peg with the euro, offering global users a reliable tool for digital payments, on-chain forex trading, and tokenized real-world assets. Fully backed by cash and cash equivalents, the stablecoin will initially launch on the Ethereum and Polygon networks, with plans to expand to additional platforms.
Schuman Financial recently raised €7 million ($7.36 million) in a seed funding round led by RockawayX, with support from Lightspeed Faction, Kraken Ventures, and Nexo Ventures. EURØP is expected to go live within two weeks, although an exact launch date has yet to be announced.
EURØP: Restrictions for High-Risk Jurisdictions
While EURØP targets a global audience, Schuman Financial has restricted access in high-risk countries such as Iran, North Korea, Venezuela, and Russia. Its exclusion list spans 107 countries, including prominent stablecoin markets like Turkey, El Salvador, South Africa, and the UAE.
This list is informed by reports from international bodies like the Financial Action Task Force (FATF), the European Union, the United Nations, the Office of Foreign Assets Control, and Transparency International.
Regulatory Compliance and Ecosystem Development
Schuman Financial complies with the MiCA framework via its subsidiary, Salvus SAS, which holds an e-money token license issued by France’s Prudential Supervision and Resolution Authority. This license allows the issuance of e-money tokens pegged to European currencies.
The firm is building a regulated stablecoin ecosystem, integrating with the Single Euro Payments Area (SEPA), and collaborating with major banks, including Société Générale, to provide banking channels and custody services.
