EUR0
Type: Factsheet | Squad: Usual | Status: Draft | Stream: BD Last updated: 2026-02-16
Executive Summary
EUR0 is a euro-denominated stablecoin issued by Usual DAO, fully collateralized 1:1 by short-duration European sovereign Treasury Bills via euTBL (Spiko EU T-Bills Money Market Fund). EUR0 extends Usual's multi-currency infrastructure to the eurozone, applying the same collateral architecture, risk framework, and on-chain transparency established with USD0 to a EUR-pegged asset. Each EUR0 in circulation corresponds to EUR 1 of euTBL value at net asset value.
EUR0 supports two primary market pathways: a permissioned route for eligible participants who deposit euTBL directly at par, and a permissionless route via EURC through the Swapper Engine. The permissioned path offers unlimited capacity for allowlisted addresses; the permissionless path provides retail and DeFi-native access subject to available liquidity buffers. EUR0 is deployed on Ethereum and is tradable on secondary markets.
The protocol enforces a zero-tolerance policy on FX and credit risk for EUR0 collateral. All backing consists exclusively of EUR-denominated sovereign instruments with an average duration below 60 days and individual maturities under 6 months. EUR0 was launched in October 2025 and has been audited by Sherlock (dedicated EUR0 protocol audit) with additional security coverage across the broader Usual audit program (20+ audits since May 2024).
Key Facts
Token name
EUR0
Token standard
ERC-20
Peg
1 EUR0 = 1 EUR
Decimals
18
Issuer
Usual DAO (governance-owned)
Collateral
100% short-duration Eurozone sovereign T-Bills (euTBL by Spiko)
Collateral tokenizer
Spiko (Twenty First Capital as ManCo; AMF-regulated)
Collateral depositary
CACEIS Bank
Collateral auditor
PricewaterhouseCoopers (PwC)
Chain
Ethereum
Minting
1:1 against euTBL (permissioned) or EURC (permissionless)
Redemption
1:1 at par, on-chain
Launch date
October 2025
Governance
100% DAO-owned (UIP-15, Dec 2025)
Collateral Framework
Reserve Asset: euTBL (Spiko)
Fund name
Spiko EU T-Bills Money Market Fund (euTBL)
Legal structure
SPIKO SICAV (UCITS, France)
Classification
Short-term VNAV money market fund (EU Reg. 2017/1131)
Investment universe
Euro-area T-Bills, repos secured by those bills, and cash
Maximum maturity
< 6 months
Weighted average maturity (WAM)
≤ 60 days
NAV publication
Daily, on-chain via Chainlink and CACEIS
Management company
Twenty First Capital (AMF GP-11000029)
Depositary / Administrator
CACEIS Bank / CACEIS Fund Administration
Auditor
PwC
Smart contract audit
Trail of Bits
Token address (Ethereum)
0xa0769f7a8fc65e47de93797b4e21c073c117fc80
ISIN
FR001400ODL1
Access control
ERC-20 with allowlist/KYC management (Permission Manager)
Collateral Eligibility Criteria
EUR0 follows the same due diligence framework as USD0, adapted to Eurozone assets:
Fully collateralized (1:1): No leverage, no fractional reserves. Every EUR0 is backed by euTBL at par value.
Low risk: Exposure limited to sovereign bonds from high-quality Eurozone issuers (France, Germany, etc.).
Transparent: On-chain verifiable via Chainlink price feeds; off-chain via PwC audits and daily NAV publication.
Liquid: Short maturity profile (< 6 months, WAM ≤ 60 days).
Zero FX risk: Collateral is entirely EUR-denominated.
Zero credit risk (policy): Holdings restricted to Eurozone sovereign debt; corporate debt is prohibited.
Minting & Redemption
1. Permissioned Path (Direct): euTBL <> EUR0
For eligible participants with KYC/KYB access to Spiko's permissioned contracts:
Mint
Deposit euTBL, receive EUR0 at par (EUR 1 euTBL = 1 EUR0)
Redeem
Burn EUR0, receive euTBL at par minus 3 bps redemption fee
Capacity
Unlimited for allowlisted addresses
Access
KYC/KYB required (Spiko Permission Manager)
Settlement
On-chain
2. Permissionless Path (Indirect): EURC <> EUR0 via Swapper Engine
Mechanism
EURC → euTBL → EUR0, orchestrated by the Swapper Engine
Price
1 EUR0 = EUR 1 EURC
Latency
T+0 (instant) if buffer liquidity is available; T+1 to T+5 if buffers/loopers are empty
Cancellation
Orders cancellable until execution
Access
Permissionless (no KYC required)
Secondary Market
EUR0 is tradable on decentralized exchanges. Target liquidity pools include EUR0/EURe and EUR0/USD0. The EUR0/USD0 pool supports Usual's clearFX vision for on-chain EUR-to-USD conversion.
Note: Usual Protocol does not guarantee secondary market liquidity or the EUR0 peg on secondary venues. Peg stability relies on arbitrage between primary market mint/redemption (at par) and secondary market pricing.
Fees
Mint via euTBL (permissioned)
0 bps
No protocol fee
Redeem to euTBL (permissioned)
3 bps
Governance-configurable
EURC path (permissionless)
No protocol fee
Network gas and potential swap slippage/looper costs apply
euTBL fund-level management fee
Max 0.30% (incl. VAT)
Baked into NAV; no entry/exit fee at fund level
Secondary markets
Per venue
Trading fees per exchange
EUR0 vs. USD0
Currency peg
EUR 1.00
USD 1.00
Collateral
Eurozone sovereign T-Bills (euTBL)
U.S. Treasury Bills (USYC, M, USTBL)
Primary tokenizer
Spiko
Hashnote
Indirect mint asset
EURC
USDC
Redemption fee (direct)
3 bps
Varies by governance
Regulatory framework
EU-supervised (Spiko, AMF)
CIMA/CFTC (Hashnote)
NAV oracle
Chainlink (daily)
On-chain real-time
Average duration
< 60 days
< 0.33 years (~120 days)
Smart Contract Addresses
EUR0 Token
Ethereum
0x3c89Cd1884E7beF73ca3ef08d2eF6EC338fD8E49
Related Contracts (Ethereum)
EUR0 ClassicalOracle
0x3b4b5CB9865A354d6c3faaDDD8753a2e55D60546
Circle EURC/EUR Oracle
0x2A02fDaB11F05D5b16B16E01e140a8AF12A5F69B
Eur0BackingPriceFeed
0xC471bd9bd650Ae9340594c55250D2529DE10E375
HardOracle (EURe)
0xdB4CB3CB381e923b63705033c5c213cAca9f57b9
euTBL (collateral)
0xa0769f7a8fc65e47de93797b4e21c073c117fc80
Security & Audits
EUR0 benefits from the broader Usual Protocol security program (20+ audits since May 2024), with the following EUR0-specific coverage:
Sherlock
EUR0 protocol audit (minting, redemption, oracle, DaoCollateral, SwapperEngine)
October 2025
Hexens
sUSD0 and sEUR0 audit
November 2025
Halborn
RDM (Revenue Distribution Module) audit
November 2025
Additionally, euTBL smart contracts (Spiko) have been audited by Trail of Bits.
Security contact: [email protected]
Key Risks
Sovereign credit risk
Default or impairment of a Eurozone sovereign on its T-Bill obligations
Diversified across multiple Eurozone issuers (France, Germany, etc.); high credit ratings
Interest rate risk
Rising rates reduce mark-to-market value of T-Bill holdings
Short average duration (WAM ≤ 60 days); well within Usual's portfolio duration threshold
Counterparty risk
Failure of Spiko, CACEIS, or other service providers
Spiko is AMF-regulated; PwC audited; assets ring-fenced against Spiko bankruptcy
Liquidity risk
Swapper Engine queues under heavy demand (T+1 to T+5)
Short-term VNAV structure; Spiko redemption infrastructure; secondary market alternatives
Secondary market risk
EUR0 peg may deviate from EUR 1 on DEXs
Arbitrage between primary market (at par) and secondary market pricing
Smart contract risk
Vulnerability in EUR0 or Swapper Engine contracts
Dedicated Sherlock audit; 20+ protocol-wide audits; upgradeable proxy architecture
Oracle risk
Incorrect NAV or price feed
Chainlink oracle with daily CACEIS NAV; EUR0 ClassicalOracle aggregation
Regulatory risk
Evolving EU regulatory landscape for tokenized securities and stablecoins
UCITS-compliant collateral; AMF-supervised tokenizer; KYC/KYB on permissioned path
Quick Links
EUR0 Product Documentation: https://docs.usual.money/usual-products/usd0-stablecoin/eur0-stablecoin
euTBL Prospectus (EN): https://cdn.spiko.finance/legal_docs/EN/Prospectus_Spiko_SICAV_EN.pdf
euTBL KID (EN): https://cdn.spiko.finance/legal_docs/EN/KID_EUTBL_EN.pdf
Twenty First Capital Fund Page: https://www.twentyfirstcapital.com/en/funds/spiko-eu-t-bills-money-market-fund/part-eur/
Spiko Tech Blog: https://tech.spiko.io/posts/spiko-smart-contracts/
euTBL on Etherscan: https://etherscan.io/token/0xa0769f7a8fc65e47de93797b4e21c073c117fc80
euTBL on RWA.xyz: https://app.rwa.xyz/assets/EUTBL
Usual Protocol Documentation: https://docs.usual.money/
Security & Audits: https://tech.usual.money/security-and-audits/audits
Etherscan (EUR0): https://etherscan.io/token/0x3c89Cd1884E7beF73ca3ef08d2eF6EC338fD8E49
Disclaimer
This factsheet is provided for informational purposes only and does not constitute investment advice, an offer to sell, or a solicitation of an offer to buy any security or financial instrument. EUR0 is a decentralized protocol token governed by Usual DAO; participation involves risks including but not limited to smart contract risk, collateral risk, regulatory risk, and market risk. EUR0 relies on euTBL as its reserve asset and on smart contract infrastructure (Swapper Engine, DaoCollateral, Permission Manager). Access to the euTBL path requires KYC/KYB and allowlisting. Past performance and historical data are not indicative of future results. Investors should conduct their own due diligence and consult professional advisors before acquiring or interacting with EUR0. All smart contract addresses should be independently verified on the respective block explorers. Protocol parameters are subject to change through DAO governance.
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