$EURØP is the first to comply with MiCA regulations
Ripple announced on May 22 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 EU's Markets in Crypto-Assets (MiCA) regulations. This milestone makes $EURØP a pioneer among euro-denominated digital assets running on widely adopted blockchain infrastructure.
$EURØP is fully backed and redeemable 1:1 by euros, with reserves regularly audited by KPMG and held at major European financial institutions, including Societe Generale. As the issuer, Schuman Financial has received an electronic money issuance license from the French central bank's Prudential Supervisory and Resolution Authority (ACPR), giving it high recognition in compliance with European financial standards.
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 in the past decade, supports over 6 million active wallets, and has a network of over 200 validating nodes, making XRPL an ideal environment for stablecoins like $EURØP.
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 asset (RWA) industries. This is expected to expand the application of blockchain technology in the euro-denominated market.
The XRPL ecosystem continues to expand, with Brazil's Braza Group launching the dollar stablecoin USDB
With the euro stablecoin gaining attention, the XRPL ecosystem continues to grow. Ripple announced on the same day (May 22) that Brazil's financial group Braza Group is accelerating the adoption of digital currencies in Latin America by launching its $USDB stablecoin, which is pegged to the dollar and backed by U.S. and Brazilian bonds, on the XRP ledger.
Braza Group has over 15 years of operating history and, according to data from the Brazilian Central Bank, ranks sixth in interbank transactions. In April this year, the group processed approximately 6 billion reais (Brazilian currency) in transactions within 24 hours. Combining its existing stablecoin $BBRL, Braza Group is building a unified and scalable infrastructure.
With the addition of $EURØP and $USDB, the XRPL network showcases its appeal as a compliant and scalable stablecoin solution. These developments also resonate with the recent progress made in the U.S. regarding stablecoin regulation, as the GENIUS Act passed by the U.S. House overcame its first procedural hurdle, gaining support from 16 Democratic and Republican representatives, bringing much-anticipated regulatory clarity to the cryptocurrency industry.
This article is collaboratively republished from: Crypto City
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