Spells cast from the ring use normal actions and no components.
Many magic items allow the user to cast spells. The general rules for this are on p. 141 of the DMG, under the Spells subsection of Activating an Item:
Some magic items allow the user to cast a spell from the item. The spell is cast at the lowest possible spell level, doesn't expend any of the user's spell slots, and requires no components, unless the item's description says otherwise. The spell uses its normal casting time, range, and duration, and the user of the item must concentrate if the spell requires concentration.
(emphases mine).
Beyond these rules for magic items, casting a spell follows the rules in the Player's Handbook; generally, the character casting the spell takes the Cast a Spell action on their turn.
Here's what the Ring of Spell Storing says about casting the spells in it (DMG, p. 192:
While wearing this ring, you can cast any spell stored in it. The spell uses the slot level, spell save DC, spell attack bonus, and spellcasting ability of the original caster, but is otherwise treated as if you cast the spell.
Let's look at two examples of stored spells being cast:
- Fireball stored in the ring at 3rd level by a 10th Level School of Evocation wizard with a save DC of 16
- Magic Circle stored in the ring at 5th level by a 11th level Cleric with a save DC of 17.
Fireball, cast from the ring by a 3rd level Sorcerer (save DC 14):
- Will require one action to cast (same as the spell)
- Will do 8D6 damage; the original casting wizard's Empowered Evocation feature will not apply since it is not one of the characteristics that the ring lists as being 'stored'.
- Can be used with Quickened Spell by the casting sorcerer, since that falls under being "treated as if you cast the spell".
- Will have a save DC of 16, from the original caster.
Magic Circle, cast from the ring by a 19th level Fighter:
- Will require one minute to cast (same as the spell).
- Will not require any chalk or other material components, even though that is normally required.
- Will have a duration of three hours (base duration plus two extra hours for using a 5th level slot).
- The fighter has no spellcasting ability, and thus no spell save DC, but the Magic Circle will have a save DC of 17.
This functions more or less the Ring of Spell Storing.
- Yes, as evidenced by DMG p177...
While this stone orbits your head, you can cast any spell stored in
it.
- Yes, as evidenced by DMG p141...
The spell uses its normal casting time, range, and duration, and the
user of the item must concentrate if the spell requires concentration.
Anyone can use the spells out of a Ring of Spell Storing or a Reserve Ioun Stone and the spells that are cast out of them are cast with all the "settings" of the original cast.
Example: Your Barbarian has a Reserve Ioun Stone and your party's Cleric casts Cure Wounds at 3rd level (as that is the limit of the stone's capacity) into it. Your Barbarian can at any time use that spell as though he had cast it barring any other restrictions such as incapacitated or raging (as you are in fact "casting" a spell), but the Cleric's DC, spell attack modifier and all other such relevant parameters are of those of your party's Cleric at the time of the cast.
Best Answer
Rules text does not prevent this use of the Ioun Stone
Unless a DM rules that there is a limit, casting Find Familiar from the Reserve Ioun stone provides a familiar per the spell description.
Your PC's are creatures and thus qualify under "any creature."
The spell description for Find Familiar (SRD p. 149) does not impose any limit on class or race. With no specific prohibition, there's no reason not to allow it beyond a DM's preference for a particular world.
A hard requirement that you didn't address in your question is that each character in turn needs to attune to the stone in order to cast the find familiar spell. (SRD p.227). That will take at least three short rests to accomplish.
How to attune the stone: one short rest per player character