$EURØP First to Comply with MiCA Regulations
On May 22, Ripple announced that the euro-backed stablecoin $EURØP, co-issued with French fintech company Schuman Financial, has successfully launched on the XRP Ledger (XRPL), becoming the first stablecoin fully compliant with the European Union’s Markets in Crypto-Assets (MiCA) regulations. This milestone positions $EURØP as a pioneer among euro-denominated digital assets operating on widely adopted blockchain infrastructure.
Ripple stated in a press release: “This is a significant step in introducing a compliant euro-backed stablecoin to one of the world’s most widely used blockchains.”
$EURØP is fully backed and redeemable 1:1 with euros, with reserves regularly audited by KPMG, stored in major European financial institutions including Société Générale. As the issuer, Schuman Financial has obtained an electronic money issuance license from the French Central Bank’s Prudential Control and Resolution Authority (ACPR), which provides it with high recognition for compliance with European financial standards.
Martin Bruncko, CEO and Founder of Schuman Financial, stated: “EURØP on XRPL combines the resilience of global blockchain with the native liquidity of euros and a compliance core.” He believes this integration will provide the critical infrastructure needed for the next wave of on-chain financial innovation for the European and euro-denominated financial markets.
XRPL’s Technical Advantages Make It an Ideal Platform for Stablecoins, Supporting Over 6 Million Active Wallets
Through this integration, XRPL has gained its first euro-native settlement asset. According to Ripple’s press release, XRPL has processed over 3.3 billion transactions over the past decade, supports more than 6 million active wallets, and has a network of over 200 validators, making XRPL an ideal environment for stablecoins like $EURØP.
Cassie Craddock, Managing Director for Ripple’s UK and European regions, emphasized the broader significance of the integration: “The launch of $EURØP on the XRP Ledger demonstrates how stablecoins can meet the high standards set by MiCA while unlocking new possibilities for on-chain applications like payments and tokenization of real-world assets.”
According to Schuman Financial, $EURØP is designed for instant euro settlements and on-chain business-to-business (B2B) and business-to-consumer (B2C) payments, applicable in decentralized finance (DeFi) and tokenized real-world assets (RWA) industries. This is expected to expand the application of blockchain technology in the euro-denominated market.
XRPL Ecosystem Continues to Expand, Brazil’s Braza Group Launches Dollar Stablecoin USDB
As the euro stablecoin gains attention, the XRPL ecosystem continues to grow. On the same day (May 22), Ripple announced that Brazil’s Braza Group is accelerating digital currency adoption in Latin America by launching its dollar-pegged stablecoin, $USDB, supported by U.S. and Brazilian bonds on the XRP Ledger.
With over 15 years of operating experience, Braza Group ranks sixth in interbank transactions according to data from the Brazilian Central Bank. In April of this year, the group processed transactions totaling approximately 6 billion reais (the Brazilian currency) within 24 hours. Along with its existing stablecoin $BBRL, Braza Group is building a unified and scalable infrastructure.
With the addition of $EURØP and $USDB, the XRPL network demonstrates its appeal as a foundation for compliant and scalable stablecoin solutions. These developments also resonate with the recent progress in stablecoin regulation in the United States, as the GENIUS Act passed by the U.S. House of Representatives has overcome the first procedural hurdle, gaining support from 16 Democratic and Republican lawmakers, bringing much-anticipated regulatory clarity to the cryptocurrency industry.
This article is collaboratively reprinted from: Crypto City