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We propose that Cu-substituted Fe$_2$P, (Fe$_{1-x}$Cu$_x$)$_2$P ($x\sim0.16$), to be an outstanding contender for the STT-MRAM application. Usingfirst principles based calculations in the framework of density functionaltheory and through Monte Carlo simulations, we demonstrate that this materialcan be used as ferromagnetic electrode in the magnetic tunnel junction (MTJ) ofSTT-MRAM due to its moderate perpendicular magnetic anisotropy (PMA), largetunnel magneto-resistance (TMR), good thermal stability and high ferromagnetictransition temperature. We point out that the simplicity in the synthesis, hugeabundance, and non-toxicity make this material a very good candidate to replacethe current MTJ materials for STT-MRAM such as FePt,~FeCo or FeCoB.

Cu-substituted Fe2P: An emerging candidates for magnetic RAM application