Ripple has announced the launch of the first EUR-backed stablecoin compliant with the European Union's Markets in Crypto-Assets (MiCA) regulation on the XRP Ledger (XRPL). Developed and issued by Schuman Financial, EURØP is a fully redeemable euro-denominated stablecoin backed 1:1 by euro reserves. The issuer holds a license from the ACPR, a regulatory authority under the Banque de France and European Central Bank. These reserves are regularly audited by KPMG and safeguarded by major European financial institutions including Societe Generale.
This integration marks a significant milestone toward the adoption of regulatory-compliant stablecoins and the expansion of on-chain finance, payments, and tokenized real-world assets (RWAs) within the European financial ecosystem. The XRP Ledger, known for its resilience and scalability, now supports EURØP as its first euro-native settlement asset, enhancing the network's capability for handling compliant stablecoins along with support for over six million wallets and 200 validators.
Schuman Financial’s CEO Martin Bruncko emphasized that combining the security of XRPL with euro-native liquidity and compliance will form a critical infrastructure for the next generation of financial innovation in Europe. Ripple's Managing Director for UK & Europe, Cassie Craddock, highlighted the importance of MiCA regulation in establishing trust and institutional adoption for stablecoins, positioning Europe as a key market for stablecoin innovation and on-chain financial services.
The launch coincides with progress in regulatory clarity, as the GENIUS Act, a major U.S. stablecoin regulatory bill, passed a significant procedural hurdle with bipartisan support. This development has been welcomed as a historic victory towards crypto-friendly and clear regulation globally.