eToro Joins Euro Stablecoin Push with European Crypto Consortium
eToro, a Nasdaq-listed broker, has joined a consortium of 10 European crypto firms to promote the use of a euro-pegged stablecoin called EURØP. The Eurøpe Consortium, which includes companies such as Assetera, BLOX, and SwissBorg, aims to increase adoption of EURØP by working on distribution, wallet, and platform integrations, as well as retail and institutional use cases.
eToro's head of crypto, Ouriel Ohayon, stated that the company wants to help 'make the euro a first-class currency on-chain.'
The consortium will support EURØP according to their role, which can mean a listing, an integration, or infrastructure work. Each member will keep its own commercial, technical, and regulatory decisions.
EURØP is a token issued in France by Schuman Financial, and it currently has 15.5 million tokens in circulation. The company is authorized as an electronic money institution by France's Prudential Supervision and Resolution Authority (ACPR) and holds EURØP reserves at Société Générale and other named banks.