Eleven firms line up behind EURØP, a euro token with EUR 15.5 million in circulation

On the issuer's own figures, EURØP moves often on a small base. Its 30-day transfer volume of EUR 116.8 million ^[12] against a supply of about EUR 15.5 million ^[11] means each token changed hands about 7.5 times in a month ^[18]. Spread across the eleven members ^[2], the float is roughly EUR 1.4 million per firm ^[19].

Viktor Fischer, founder and chief executive of RockawayX, an investor in Schuman Financial, said that onchain the dollar leads the euro by a ratio of more than 300 to 1, despite the euro making up 20% of global FX reserves ^[7]. A ratio above 300 to 1 puts the euro's share below about 0.33% ^[20]. That is a third of the ECB's sub-1% ceiling ^[4]. The reserve figure is Fischer's, not the central bank's.

The consortium is making a network-effects case. It argues the gap tends to widen because currencies already used for payments, trading and treasury work attract more integrations and users ^[5]. Members say the obstacles left after MiCA are commercial: distribution, liquidity, integrations and everyday use ^[6]. Martin Bruncko, Schuman's founder and chief executive, noted that regulation alone does not create a functioning market ^[15]. Ouriel Ohayon, eToro's head of crypto, said eToro wants to help supply the liquidity, distribution and utility the euro would need to serve as a primary currency onchain ^[16].

Every member makes its own commercial, technical and regulatory calls, down to what it contributes and when ^[9]. The consortium did not disclose listing dates, volume commitments, payment terms for distributors or any exclusivity. The initial programme centres on EURØP ^[3], though the group's stated purpose is the adoption of euro-denominated stablecoins in general ^[1].

Members could switch on distribution, so new holders arrive and supply compounds from EUR 15.5 million. Or venues could list the token and trading could grow, so turnover climbs while the float stays small. Or a rival euro token could win the integrations. Revolut's EURR is the nearest candidate, because Revolut decides what goes into its own app ^[13]. The consortium's own argument about integrations following usage ^[5] applies between euro tokens as much as between currencies.

I think the rival token is the larger risk. Revolut needs one company's product decision. The consortium needs eleven firms to each pick a moment to show up ^[9]. The view is wrong if EURØP's supply, as reflected in Schuman's quarterly KPMG reserve attestations ^[10], rises by multiples over the next few quarters. Growth in transfer volume alone would show more trading on the same EUR 15.5 million ^[11].