In a groundbreaking development for the financial sector, Schuman Financial has introduced EURØP, the inaugural euro-denominated stablecoin that adheres to the European Union’s Markets in Crypto-Assets (MiCA) regulation while being seamlessly integrated within the XRP Ledger (XRPL).
Officially launched on May 22 from Paris, this innovative stablecoin connects European regulatory clarity with a blockchain platform known for processing over 3.3 billion transactions in its robust twelve-year history. “EURØP on the XRPL harmonizes the stability of a global blockchain with intrinsic euro liquidity, ensuring compliance at its foundation. This advancement sets the stage for Europe’s financial markets to embrace the next series of on-chain innovations,” commented Martin Bruncko, the founder and CEO of Schuman Financial, in the official announcement.
The Importance of XRP Ledger and MiCA Compliance
The MiCA regulations, specifically pertaining to stablecoins like EURØP, will formally come into effect on June 30, 2024. These guidelines stipulate that stablecoins must maintain a full 1:1 fiat backing, ensure daily redemption capabilities, have bankruptcy-remote reserves, and acquire authorization from an EU oversight body. Schuman Financial is proudly recognized as an e-money token (EMT) issuer by the French ACPR, with reputable firm KPMG overseeing the auditing of its reserve assets, which are securely kept at institutions like Société Générale.
Currently, only a select few issuers have met the requirements set by MiCA, including Circle’s USDC and EURC, and Société Générale’s EURCV, alongside various niche projects. However, EURØP stands as the first to present its regulatory compliance on the XRPL, which has historically drawn interest due to its decentralized exchange, rapid transaction confirmations, and minimal fees, yet lacked a MiCA-aligned euro stablecoin.
As of late April 2025, euro stablecoins accounted for a mere 0.15% of the $232 billion global stablecoin market, which translates to approximately $338 million. Nevertheless, with MiCA establishing a legal framework, they have climbed the priority list for European financial institutions and fintech companies.
For businesses and financial managers, EURØP functions as a programmable asset for settlements, capable of instantaneous transfers ranging from three to five seconds at minimal costs, all while remaining firmly anchored under EU regulations. Schuman Financial projects that this token will facilitate DeFi lending initiatives, automate foreign exchange transactions, and provide euro transactions for tokenized real-world asset trades, aligning with MiCA’s envisioned use cases for issuers filing a “significant” EMT designation with the European Banking Authority.
Cassie Craddock, Managing Director for UK & Europe at Ripple, emphasized the launch as a testament to the ledger’s enterprise strategy: “The debut of EURØP on the XRP Ledger showcases how stablecoins can satisfy stringent MiCA criteria while opening avenues for on-chain payment systems and the tokenization of real-world assets.”
As of the latest update, XRP is trading at $2.43, reflecting ongoing interest in the cryptocurrency ecosystem and its innovations.
