# 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 | Parameter | Detail | | ------------------------- | --------------------------------------------------------------- | | **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) | Parameter | Detail | | ----------------------------------- | --------------------------------------------------------- | | **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: | Parameter | Detail | | -------------- | ---------------------------------------------------------- | | **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 | Parameter | Detail | | ---------------- | --------------------------------------------------------------------------------------- | | **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 | Fee | Amount | Notes | | ----------------------------------- | --------------------- | ---------------------------------------------------------- | | **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 | Parameter | EUR0 | 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 | Chain | Address | | ------------ | -------------------------------------------- | | **Ethereum** | `0x3c89Cd1884E7beF73ca3ef08d2eF6EC338fD8E49` | ### Related Contracts (Ethereum) | Contract | Address | | -------------------------- | -------------------------------------------- | | **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: | Firm | Scope | Date | | ------------ | ------------------------------------------------------------------------------- | ------------- | | **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:** *** ## Key Risks | Risk Category | Description | Mitigation | | ------------------------- | ------------------------------------------------------------------------- | ----------------------------------------------------------------------------------------- | | **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: * euTBL Prospectus (EN): * euTBL KID (EN): * Twenty First Capital Fund Page: * Spiko Tech Blog: * euTBL on Etherscan: * euTBL on RWA.xyz: * Usual Protocol Documentation: * Security & Audits: * Etherscan (EUR0): *** ## 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. --- # Agent Instructions: Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question. 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