eToro Backs Euro Stablecoin Challenge to Dollar Dominance

Europe's cryptocurrency industry is mounting a fresh challenge to the overwhelming dominance of the US dollar in digital assets, with eToro joining a group of European firms seeking to expand the use of a regulated euro denominated stablecoin.

The Nasdaq listed trading platform has joined the Eurøpe Consortium, an industry initiative initially focused on increasing the adoption and distribution of EURØP, a euro stablecoin issued by France based Schuman Financial. The group brings together companies spanning cryptocurrency exchanges, digital wallets and blockchain infrastructure, including Assetera, BLOX, Coinhouse, Coinmerce, DFNS, LCX, RockawayX, SwissBorg and XRPL Commons.

The initiative confronts a striking imbalance in the digital asset economy. Dollar pegged tokens represented about 99% of global stablecoin market value, according to the European Central Bank's November 2025 Financial Stability Review. That leaves the euro, despite its status as one of the world's major currencies, with only a fraction of the market.

The consortium wants to change that by expanding EURØP across trading platforms, wallets and other digital infrastructure, while encouraging both institutional and retail applications. Individual members will retain control over their own regulatory, technical and commercial decisions, meaning participation does not automatically require every company to list the token.

For eToro, the move adds another dimension to its expanding digital asset strategy. The company already provides access to USDC, allowing customers to buy, sell and convert the dollar backed stablecoin. Its participation in the European initiative signals growing industry interest in creating credible alternatives to dollar based settlement infrastructure.

Ouriel Ohayon, eToro's head of crypto, said the company's ambition was to help elevate the euro into a major currency for blockchain based transactions. The broader challenge, however, is not simply launching another digital token. Europe must generate sufficient liquidity, distribution and user demand for euro stablecoins to become meaningful competitors.

EURØP was launched by Schuman Financial in late 2024 following a €7 million seed funding round led by RockawayX. The company was founded by former Binance executives Martin Bruncko and Eduardo Morrison. By October 1, EURØP had approximately 15.5 million tokens in circulation and operated across six blockchains, according to Finance Magnates.

Competition is also intensifying. Qivalis, an initiative supported by 37 banks including BNP Paribas, ING and UniCredit, has been preparing its own euro stablecoin under the European Union's Markets in Crypto Assets framework, subject to regulatory approval. The growing number of projects suggests European institutions increasingly view digital currencies as financial infrastructure rather than a speculative sideshow.