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    Schuman Financial Launches New Euro-Linked Stablecoin EURØP with Major Backing and Global Ambitions

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    Schuman Financial, led by former Binance executives, is set to launch a new stablecoin linked to the euro, EURØP, backed entirely by cash and equivalents. The venture drew €7m ($7.36m) from investors including Lightspeed Faction, Kraken Ventures, and Nexo Ventures among others. The token, which cannot be used in countries including Iran, North Korea, Russia, and Venezuela, is designed to appeal to users worldwide for purposes such as digital payments and on-chain forex trading. The firm plans to create a regulated stablecoin ecosystem with integration of the Single Euro Payments Area and custody with major banks.

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    As Europe is getting ready for the final stages of the new Cryptocurrency Regulations (MiCA) by the end of the year, a new stablecoin linked to the euro is about to hit the crypto scene.

    Schuman Financial, a new kid on the block in the cryptocurrency world set up by some ex-Binance big-shots like Martin Bruncko and Eduardo Morrison, is bringing out the new stablecoin linked to the euro, EURØP.

    After raising a whopping 7 million euros (about $7.36 million) from investors in an extremely successful fundraising, EURØP is almost set to launch. Web3 venture capital firm RockawayX was a key player in the fundraising stage that took place in September.

    Other investors who put their weight behind it include Lightspeed Faction, Kraken Ventures, Nexo Ventures, GnosisVC, Delta Blockchain Fund, Renaissance Ambition AG, Bankless Ventures and a few others.

    EURØP is the first product from Schuman Financial. It’s a stablecoin linked directly to the euro and is looking to attract users globally. It can be used for a bunch of stuff like digital payments and onchain forex trading among other things.

    EURØP, which is backed entirely by cash and cash equivalents is almost ready to launch, according to a spokesperson for the company.

    Although folks around the globe will be able to use EURØP, it won’t be available everywhere. Countries like Iran, North Korea, Venezuela and Russia won’t have access to Schuman Financial’s services.

    A spokesperson for Schuman also mentioned the company has a list of high-risk jurisdictions and currently, there are 107 countries on it.

    This list features some major stablecoin markets, such as Turkey, which had the largest stablecoin purchases relative to its GDP in April. Other countries on the list include El Salvador, South Africa and the United Arab Emirates.

    A license to issue stablecoins was secured by Schuman Financial’s subsidiary, Salvus SAS. This license allows Schuman Financial to legally issue e-money tokens, like EURØP, pegged to any currency across the European market. Schuman Financial is set to build a regulated ecosystem of stablecoins with integration of the Single Euro Payments Area (SEPA), and custody with major global banks, including Société Générale.

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