Schuman Financial Launches EURØP Euro-Backed Stablecoin Compliant with MiCA Regulations
Schuman Financial, a French-licensed fintech company, has launched its MiCA-compliant euro-backed stablecoin, EURØP. This token is pegged 1:1 to the euro and aims to enhance global payments, facilitate Foreign Exchange (FX) trading, and support the tokenization of Real-World Assets (RWA). The European Union’s Markets in Crypto-Assets (MiCA) regulations provide a framework for stablecoins, allowing EURØP to address gaps in the euro-based digital payment system.
EURØP Stablecoin to Launch on Ethereum and Polygon
EURØP will be launched on Ethereum #ETH and Polygon #POL, utilizing these blockchains for high-speed transactions, low fees, and compatibility with decentralized applications. Schuman Financial plans to expand to additional blockchain networks and collaborate with Decentralized Finance (DeFi) protocols, enhancing EURØP's role in liquidity pools, lending markets, and decentralized exchanges. The stablecoin will also tokenize real-world assets such as real estate, bonds, and commodities.
This launch follows a successful $7.36 million seed funding round in September, backed by RockawayX, Kraken Ventures, Gnosis VC, Nexo Ventures, Lightspeed Faction, Bankless Ventures, and Delta Blockchain Fund, adding credibility to EURØP’s market entry.
The stablecoin is positioned to significantly influence the future of euro-denominated digital assets.
Quantoz Launches MiCA-Compliant USDQ and EURQ Stablecoins
As MiCA regulation takes effect next month, Quantoz Payments, a Netherlands-based fintech company, has introduced two new stablecoins, USDQ and EURQ. These tokens, backed by fiat currencies, are built on the Ethereum blockchain and comply fully with MiCA regulations.
Quantoz ensures both tokens meet MiCA’s standards, with trading available starting November 21, 2024, on major exchanges like Bitfinex and Kraken. As part of compliance, Quantoz will hold 2% of the token on its balance sheet to ensure liquidity and stability in the digital asset market.
Circle’s EURC #EURC and Société Générale’s EURCV dominate the euro-backed stablecoin sector with a 67% market share, while Quantoz aims to challenge this dominance.
Additionally, Sui, the Layer 1 blockchain, and First Digital Labs announced that FDUSD #FDUSD is now live on Sui, becoming the second native stablecoin on the platform following USDC’s deployment in early October. FDUSD offers interoperability across various platforms, supporting DeFi applications.