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Introduction to EURØP: A Pioneering Euro-Denominated Stablecoin
In a groundbreaking development, Schuman Financial has launched EURØP, the first euro-denominated stablecoin compliant with the European Union’s recently implemented Markets in Crypto-Assets (MiCA) regulation. This innovative digital currency finds its home on the XRP Ledger (XRPL), a blockchain renowned for its efficiency and reliability. Originating from Paris on May 22, this initiative combines MiCA-grade legal assurance with a blockchain that boasts over 3.3 billion transactions in its 12-year tenure.
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The Significance of the XRP Ledger and MiCA Compliance
The MiCA regulatory framework for stablecoins, including e-money tokens (EMT) like EURØP, officially came into effect on June 30, 2024. These regulations mandate a complete 1:1 fiat currency backing, daily redeemability, bankruptcy-resistant reserves, and authorization by an EU regulatory body. Schuman Financial has obtained licensing from the French ACPR as an EMT issuer, with KPMG conducting audits on its reserve assets held at Société Générale and other leading banks.
Currently, only a select few issuers have met MiCA’s stringent requirements, including Circle’s USDC and EURC, Société Générale’s EURCV, and several niche projects. However, EURØP stands out as the first MiCA-compliant euro-denominated stablecoin on the XRPL, a platform known for its native decentralized exchange, quick transaction finality, and low fees. This advancement is significant, as euro stablecoins account for a mere 0.15% of the $232 billion global stablecoin market, amounting to approximately $338 million as of April 2025. The introduction of EURØP aligns with the strategic priorities of European banks and fintech companies, leveraging MiCA’s passportable legal framework.
Benefits for Payment Firms and Corporate Treasurers
For payment processors and corporate treasurers, EURØP presents an innovative programmable settlement asset capable of executing transactions in just three to five seconds at minimal costs, all while ensuring comprehensive European regulatory compliance. Schuman Financial envisions EURØP as a foundational element in DeFi lending pools, automated foreign exchange corridors, and on-chain euro components for tokenized real-world asset (RWA) trades. These applications align with MiCA’s provisions once issuers secure a “significant” EMT designation from the European Banking Authority.
Ripple’s Perspective on EURØP’s Launch
Cassie Craddock, Ripple’s Managing Director for the UK & Europe, sees the introduction of EURØP on the XRP Ledger as a testament to the ledger’s enterprise strategy. She emphasizes that EURØP exemplifies how stablecoins can adhere to MiCA’s high standards while unlocking new avenues for on-chain payments and RWA tokenization.
As of the latest market data, XRP is trading at $2.43.
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