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Schuman Financial has floated a MiCA-compliant stablecoin.The stablecoin will challenge dominant rivals like Circle’s EURC.Stablecoins remains a major crypto market amid regional regulatory shifts.Schuman Financial, a French-licensed fintech company, has announced the launch of its MiCA-compliant euro-backed stablecoin EURØP. This token is pegged to the euro and is set to revolutionize the European crypto market.
According to the announcement, the stablecoin pegged 1:1 to the euro is designed to improve global payments, enable seamless Foreign Exchange (FX) trading, and support the tokenized Real-World Assets (RWA) market. With the European Union’s Markets in Crypto-Assets (MiCA) regulations now providing a clear framework for stablecoins, EURØP aims to fill in the gap in the euro-based digital payment system.
EURØP Stablecoin to Launch on Ethereum and Polygon
Schuman Financial is positioning itself as a key player in the post-MiCA crypto landscape. The company’s stablecoin, EURØP, will be launched on Ethereum ETH $3 328 24h volatility: 4.5% Market cap: $400.88 B Vol. 24h: $57.10 B and Polygon POL $0.52 24h volatility: 12.8% Market cap: $4.13 B Vol. 24h: $704.37 M . EURØP will leverage the robust ecosystems of these blockchains to ensure high-speed transactions, low fees, and compatibility with decentralized applications.
Furthermore, Schuman Financial announced plans to expand to more blockchain networks and work with Decentralized Finance (DeFi) protocols soon. These changes will increase EURØP’s usefulness in liquidity pools, lending markets, and decentralized exchanges. The stablecoin will also turn real-world assets, like real estate, bonds, and commodities, into digital tokens.
Meanwhile, this development comes after a successful $7.36 million seed funding round in September. The backing from RockawayX adds significant credibility to Schuman Financial’s efforts to make EURØP a top stablecoin.
Other prominent backers include Kraken Ventures, Gnosis VC, Nexo Ventures, Lightspeed Faction, Bankless Ventures, and Delta Blockchain Fund.
With plans for expansion and partnerships on the horizon, EURØP would become a key player in shaping the future of euro-denominated digital assets.
Quantoz Launches MiCA-Complaint USDQ and EURQ Stablecoins
As the European MiCA regulation takes effect next month, Quantoz Payments, a Netherlands-based fintech company, launched two new stablecoins, USDQ and EURQ. Backed by fiat currencies, Quantoz’s stablecoins, USDQ and EURQ, are built on the Ethereum blockchain and are fully compliant with MiCA regulations.
Quantoz guarantees that both tokens meet MiCA’s rigorous standards. The two stablecoins became available for trading on November 21, 2024, on major exchanges like Bitfinex and Kraken. As part of MiCA compliance, Quantoz will hold 2% of the token on its balance sheet. This will ensure liquidity and stability for the digital asset market.
Recall that Circle’s EURC EURC $1.05 24h volatility: 0.3% Market cap: $89.99 M Vol. 24h: $67.08 M and Société Générale’s EURCV dominate with a 67% market share in the euro-backed stablecoin sector. Quantox seeks to challenge this dominance and secure a significant market share.
Meanwhile, Sui, the Layer 1 blockchain, and First Digital Labs, the creator of one of the world’s largest stablecoins, announced that FDUSD is live on Sui. FDUSD FDUSD $1.00 24h volatility: 0.1% Market cap: $2.10 B Vol. 24h: $8.77 B now ranks second native stablecoin on Sui following USDC’s landmark deployment in early October.
With this integration, FDUSD now provides a genuinely interoperable stablecoin capable of driving DeFi applications across countless additional platforms.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.
