Schuman Financial, Nasdaq-listed eToro and nine other European firms announced the Eurøpe Consortium in Paris. Its first programme is EURØP, the euro stablecoin Schuman Financial already issues.

Schuman Financial called the consortium an industry-led coalition to accelerate practical adoption of euro-denominated onchain finance, meaning payments, trading and settlement conducted on blockchain networks. A stablecoin is a digital token built to hold a steady value against a government currency.

Dollar-denominated stablecoins account for approximately 99% of global stablecoin market value, according to European Central Bank figures cited by the Eurøpe Consortium. Euro stablecoins account for less than 1%, Schuman Financial said in its announcement.

The eleven founding members

The founding members are Schuman Financial, eToro, Assetera, BLOX, Coinhouse, Coinmerce, DFNS, LCX, RockawayX, SwissBorg and XRPL Commons.

DFNS said it joined as the wallet and digital-asset infrastructure participant, and that in July Schuman Financial chose DFNS as the infrastructure behind the issuance and distribution of EURØP. Among the others, SwissBorg, Coinhouse, Coinmerce, LCX and BLOX provide trading and distribution, eToro brings its investment platform, and Assetera connects the token to tokenised assets. XRPL Commons links the initiative to developers and applications on the XRP Ledger, and RockawayX is an investor in Schuman Financial.

DFNS said EURØP had €116.8 million in transfers over the past thirty days, and that the token is traded on Curve, Orca and Pharaoh.

EURØP under MiCA

EURØP is a euro-denominated e-money token, the kind tied to one official currency and issued as electronic money. According to Schuman’s release, it is already available on six public blockchain networks: Ethereum, Polygon, Avalanche, Solana, the XRP Ledger and Plasma.

EURØP is issued under the European Union’s MiCA regulation, the EU rulebook for crypto-assets. Schuman Financial is licensed to issue electronic money as an electronic money institution authorised by the ACPR, the French Prudential Supervision and Resolution Authority. Reserves are held at Société Générale and other named credit institutions. The EURØP white paper is at schuman.io/europ.

Schuman, founded by former Binance executives Martin Bruncko and Eduardo Morrison, launched EURØP in late 2024 after a EUR 7 million seed round led by RockawayX, Finance Magnates reported. The company said EURØP had 15.5 million tokens in circulation on October 1, that the token trades on Kraken, Bitvavo, Bit2Me, SwissBorg and Bitpanda, and that it publishes quarterly reserve attestations from KPMG.

Four areas of coordination

Schuman Financial said the organisations intend to coordinate on access and distribution, on infrastructure and integrations, on practical applications in retail, institutional, payment and tokenised markets, and on market development through education, communications and engagement.

The consortium also intends to bring in more financial institutions, trading platforms, fintech companies and infrastructure providers, and points them to its public page at europeconsortium.io.

Bruncko, Ohayon, Fischer and Fazel

Martin Bruncko, founder and CEO of Schuman Financial, said: “The EU established a regulatory framework for euro-denominated stablecoins, but regulation alone does not create a functioning market. Adoption requires issuers, distribution platforms, infrastructure providers and broader financial and blockchain ecosystems to work together. The Eurøpe Consortium brings European financial innovators together to help ensure that the euro plays a meaningful role as global financial activity moves onchain.”

Ouriel Ohayon, head of crypto at eToro, said: “Stablecoins are becoming a fundamental part of global financial infrastructure. As more finance moves on-chain, the euro’s role should reflect its strength in the global economy. By joining the Eurøpe Consortium, etoro is helping build the liquidity, distribution and utility needed to make the euro a first-class currency on-chain.”

Viktor Fischer, founder and CEO of RockawayX, said: “Onchain, the dollar outweighs the euro more than 300 to 1, which makes little sense for the world’s second reserve currency, which accounts for 20% of global FX reserves. With MiCA now in force, we expect the next couple of years to be a race to build euro liquidity and distribution. The Eurøpe Consortium brings the right teams together to turn that regulatory clarity into real adoption.”

Cyrus Fazel, CEO of SwissBorg, said: “Our community has been able to hold and use EURØP for some time. What has been missing is a coordinated market around euro-denominated assets. I mean distribution, integrations and everyday use. That is what the Eurøpe Consortium is for, and it is why we are part of it.”

Each firm keeps its own decisions

Each organisation keeps responsibility for its own commercial, technical and regulatory decisions, Schuman Financial said. Participants will support EURØP adoption according to their role, including listing, integration, distribution, infrastructure support or ecosystem development.

The consortium site says participation does not itself imply a particular listing, integration or liquidity commitment.