Schuman Financial, eToro, and nine other firms have formed the Eurøpe Consortium to drive adoption of euro-denominated stablecoins.
The Eurøpe Consortium brings together companies working in stablecoin issuance, distribution, financial infrastructure, and blockchain ecosystems. Its members are Schuman Financial, Assetera, BLOX, Coinhouse, Coinmerce, DFNS, eToro, LCX, RockawayX, SwissBorg, and XRPL Commons. The initial programme centres on EURØP, a euro-denominated e-money token issued by Schuman Financial. It is currently live on six public blockchains: Ethereum, Polygon, Avalanche, Solana, the XRP Ledger, and Plasma.
Responding to dollar dominance onchain
The initiative targets a structural imbalance in digital-asset markets. According to the European Central Bank’s Financial Stability Review of November 2025, approximately 99% of stablecoin market value is denominated in US dollars. Euro stablecoins account for less than 1%.
The consortium argues that this gap tends to widen over time because currencies already used for payments, trading, and treasury operations attract more integrations, infrastructure, and users. Without coordination, European businesses could end up running euro-based economic activity through dollar-denominated onchain infrastructure.
The EU’s Markets in Crypto-Assets (MiCA) Regulation has provided a framework for euro-denominated stablecoins. Members say the remaining obstacles are commercial rather than regulatory: distribution, liquidity, integrations, and everyday use.
Martin Bruncko, founder and CEO of Schuman Financial, noted that regulation alone does not create a functioning market and that issuers, platforms, and infrastructure providers need to act together. Viktor Fischer, founder and CEO of RockawayX, which is an investor in Schuman Financial, said the dollar currently outweighs the euro onchain by more than 300 to 1, even though the euro accounts for 20% of global FX reserves. Fischer expects the coming years to be shaped by competition to build euro liquidity and distribution.
Revolut had a similar approach earlier in 2026, launching EURR in Denmark, Poland, and Portugal, with plans to integrate the euro-denominated token directly into its app, to offer onchain euro-to-crypto transfers.
Division of roles
Participants plan to coordinate work in four areas. The first is access and distribution, making regulated euro stablecoins available through platforms that European customers already use. The second is infrastructure, covering connections with wallets, trading venues, tokenised-asset systems, and blockchain networks. It is followed by practical applications across retail, institutional, payment, and tokenised-market use cases. The last one is market development through education and outreach.
Contributions vary by member. SwissBorg, Coinhouse, Coinmerce, LCX, and BLOX provide trading and distribution channels. DFNS supplies wallet and custody infrastructure, while Assetera links euro digital money with tokenised assets. XRPL Commons connects the initiative with the XRP Ledger developer community, and eToro adds its Nasdaq-listed investment platform and investor base. Each organisation retains control of its own commercial, technical, and regulatory decisions, including the form and timing of its contribution.
Ouriel Ohayon, Head of Crypto at eToro, said the company aims to help build the liquidity, distribution, and utility needed for the euro to function as a primary onchain currency.
EURØP at a glance
EURØP is issued under MiCA by Schuman Financial, an electronic money institution authorised by France’s ACPR. Reserves are held at Société Générale and other named credit institutions. According to Schuman, the token is fully backed one-to-one by euro reserves and high-quality liquid assets, with quarterly reserve attestations from KPMG.
As of 1 October 2026, EURØP had a supply of around EUR 15.5 million and a 30-day transfer volume of EUR 116.8 million.
Moreover, the consortium plans to bring in further financial institutions, trading platforms, fintech companies, and infrastructure providers.
