eToro and European Crypto Firms Push for Euro Stablecoin Adoption

eToro has teamed up with ten other European crypto firms to promote wider adoption of EURØP, a euro-pegged stablecoin issued by Schuman Financial. The group, called the Eurøpe Consortium, announced the initiative on Monday. EURØP is currently the only euro-backed stablecoin authorized as an electronic money institution in France.

The consortium aims to make the euro a primary currency in the blockchain ecosystem, alongside dollar-pegged stablecoins, which dominate the market. As of October 1, EURØP had 15.5 million tokens in circulation, far behind Circle's EURC, which stood at 403.1 million when Revolut began distributing a Stripe-issued euro token in August.

Each member of the consortium, including eToro, Assetera, BLOX, and SwissBorg, will support EURØP according to their role, whether through listings, integrations, or infrastructure work. Ouriel Ohayon, head of crypto at eToro, emphasized the goal of making the euro a 'first-class currency on-chain.'

Meanwhile, banks are developing their own euro stablecoin through Qivalis, backed by 37 lenders including BNP Paribas and ING. Qivalis plans to issue its token under the EU's MiCA regulation in the second half of 2026, pending approval from the Dutch central bank.