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XRP LEDGER BREAKS GROUND WITH ITS FIRST MICA-REGULATED EURO STABLECOIN
Schuman Financial’s EURØP has officially become the first euro-denominated stablecoin to satisfy the European Union’s Markets in Crypto-Assets (MiCA) regime—while launching natively on the XRP Ledger (XRPL).
Launched from Paris on 22 May, this historic development ties MiCA-grade legal certainty to a blockchain that has already processed over 3.3 billion transactions in its 12-year existence.
“EURØP on the XRPL combines the resilience of a global blockchain with euro-native liquidity and compliance at its core,” said Martin Bruncko, founder and CEO of Schuman Financial. “This will give Europe and euro-denominated financial markets an integral infrastructure for the next wave of financial innovation, which is happening on-chain.”
XRP Ledger And Why MiCA Status Matters
MiCA’s stablecoin provisions, which govern e-money tokens (EMTs) like EURØP, came into effect on 30 June 2024. These rules demand:
- Full 1:1 fiat backing
- Daily redeemability
- Bankruptcy-remote reserves
- Authorization by an EU regulator
Schuman Financial is licensed by the French ACPR as an EMT issuer. Its reserves are audited by KPMG and held at Société Générale and other top-tier banks.
While only a few issuers—Circle’s USDC and EURC, Société Générale’s EURCV, and about a dozen niche firms—have cleared MiCA’s high bar, EURØP is the first to do so on the XRP Ledger.
Historically, XRPL’s native DEX, rapid finality, and low fees made it a stronghold for IOU-based fiat tokens. However, EURØP now brings a fully MiCA-compliant euro stablecoin to that ecosystem for the first time.
The Strategic Importance of EURØP
Euro stablecoins currently make up just 0.15% of the $232 billion global stablecoin market—about $338 million as of April 2025. Still, they are now a strategic priority for European banks and fintechs, thanks to MiCA’s passportable legal framework.
For payment firms and corporate treasurers, EURØP delivers:
- Programmable settlement
- Transfers in 3–5 seconds
- Transaction costs of a fraction of a cent
- Full EU regulatory compliance
According to Schuman Financial, EURØP will support:
- DeFi lending pools
- Automated foreign-exchange corridors
- On-chain euro legs for tokenized real-world assets (RWAs)
These use cases align with MiCA’s framework—especially when firms file for a “significant” EMT designation with the European Banking Authority.
“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 payments and RWA tokenization,” said Cassie Craddock, Ripple’s Managing Director for UK & Europe.
@ Newshounds News™
Source: Bitcoinist
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SENATORS PLAN TO AMEND GENIUS ACT TO ADDRESS TRUMP FAMILY’S STABLECOIN
Senate Democrats, led by Chuck Schumer, Elizabeth Warren, and Jeff Merkley, are preparing to introduce an amendment to the GENIUS Act aimed at blocking U.S. presidents from profiting from stablecoins, in direct response to the Trump family’s involvement in crypto.
On May 20, the Senate voted to advance the Guiding and Establishing National Innovation for US Stablecoins Act (GENIUS Act)—after failing a procedural vote on May 8. The new amendment is designed to add anti-corruption guardrails, especially in light of Trump’s ties to the stablecoin USD1 and the crypto platform World Liberty Financial (WLFI).
“Passing the GENIUS Act without our anti-corruption amendment stamps a Congressional seal of approval on Trump selling access and influence to the highest bidder,” said Senator Jeff Merkley on X (May 22).
Trump Family Crypto Ties Under Fire
Trump and his three sons are linked to World Liberty Financial, which launched the USD1 stablecoin in March. Critics argue that Trump stands to personally benefit from legislation recognizing such stablecoins as official financial instruments.
A $2-billion investment in Binance, funded by an Abu Dhabi-based firm using USD1, could potentially generate profits for the Trump family via transaction fees.
While WLFI co-founder Zach Witkoff dismissed the allegations as “flawed,” Democratic lawmakers have called for investigations into these potential conflicts of interest.
More Than Just Stablecoins: The Memecoin Dinner Backlash
Democrats also took aim at a separate controversy: a private dinner hosted by Trump at his golf club on May 22 for up to 220 top holders of his personal memecoin.
- Senators Merkley and Warren, alongside Senator Chris Murphy and Public Citizen, held a press conference and are demanding Trump release the dinner guest list.
- Progressive advocacy group Our Revolution joined Public Citizen in protesting the event.
“What is happening tonight — this private, secret dinner — in which individuals who have put money in Donald Trump’s pocket, get access to him, is maybe the most corrupt of all the corruption,” said Senator Chris Murphy.
Murphy further alleged the attendees could be buying access to influence national security policy—especially as many of them remain anonymous and some are reportedly foreign nationals.
📝 The proposed amendment to the GENIUS Act represents a major push to regulate not only stablecoins but also potential political conflicts arising from crypto adoption at the highest levels of U.S. government.
@ Newshounds News™
Source: Cointelegraph
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