# sEUR0 > **Type:** Factsheet | **Squad:** Usual | **Status:** Draft | **Stream:** BD **Last updated:** 2026-02-16 *** ## Executive Summary **sEUR0** is the savings token for **EUR0**, Usual Protocol's euro-denominated stablecoin. Built on the **ERC-4626 tokenized vault standard**, sEUR0 converts EUR0 from a settlement asset into a yield-accruing savings instrument. Users deposit EUR0 into a permissionless vault and receive sEUR0 in return. Yield accrues through an **exchange rate** that appreciates over time, so redeeming sEUR0 returns more EUR0 than initially deposited. Balances do not rebase. Yield is sourced from the protocol's underlying collateral stack -- primarily **European sovereign T-Bills and short-term money market funds** (euTBL by Spiko) -- and is distributed via the vault's exchange-rate appreciation mechanism. The distribution rate is **governance-set**, **variable**, and may be adjusted with market conditions. Yield is a cash-back of protocol revenues funded by EUR0 collateral returns; it is not guaranteed. sEUR0 mirrors the design of **sUSD0** (Savings USD0), applying the same ERC-4626 vault pattern to the euro-denominated product. This consistent architecture across currencies simplifies DeFi integrations and provides a familiar savings experience regardless of denomination. sEUR0 was launched in **November 2025** and has been audited by **Hexens**. *** ## Key Facts | Parameter | Detail | | --------------------- | --------------------------------------------------------------------------- | | **Token name** | sEUR0 | | **Token standard** | ERC-4626 (non-rebasing, accrual-based) | | **Underlying asset** | EUR0 (euro stablecoin, backed 1:1 by euTBL) | | **Yield source** | European sovereign T-Bills and short-term MMFs (via EUR0 collateral) | | **Yield mechanism** | Exchange-rate appreciation (no rebase, no manual claiming) | | **Redemption** | 1 sEUR0 = EUR0 x exchangeRate (where exchangeRate >= 1) | | **Access** | Permissionless (no KYC/KYB requirement at vault level) | | **Distribution rate** | Governance-set, variable | | **Chain** | Ethereum | | **Launch date** | November 2025 | | **Governance** | 100% DAO-owned (UIP-15, Dec 2025); vault parameters controlled by Usual DAO | *** ## How sEUR0 Works ### Deposit and Withdrawal 1. **Deposit:** Submit EUR0 to the ERC-4626 vault. Receive sEUR0 representing the user's share of the vault's total EUR0-denominated assets. 2. **Accrue:** Yield accrues passively as the sEUR0/EUR0 exchange rate increases over time. No manual claiming or interaction is required. 3. **Redeem:** Burn sEUR0 at any time. Receive EUR0 equal to principal plus accrued yield (sEUR0 quantity x current exchange rate). ### Yield Mechanics Yield to sEUR0 holders is a **cash-back in EUR0** funded by **protocol revenues** sourced from EUR0 collateral (euTBL). The exchange rate is set and updated by governance: * **Not guaranteed:** Yield varies with available revenues and DAO policy decisions. * **No claims needed:** Accrual is implicit via the exchange rate. * **May be boosted at launch:** Governance may temporarily adjust distribution speed. *** ## EUR0 vs. sEUR0 | Parameter | EUR0 | sEUR0 | | ------------- | ------------------------------------------ | ---------------------------------- | | **Purpose** | Settlement asset | Savings instrument | | **Value** | Pegged 1:1 to the euro | Grows via exchange rate | | **Access** | Mint/redeem (direct or via Swapper Engine) | Wrap/unwrap via vault | | **Use cases** | Payments, collateral, trading | Yield generation, DeFi integration | | **Design** | Rebase-free stablecoin | ERC-4626 wrapper (non-rebasing) | *** ## Collateral & Risk Management (Inherited from EUR0) sEUR0 wraps EUR0; it does not interact directly with the euTBL register. The backing flows operate via EUR0. ### EUR0 Collateral Profile | Parameter | Detail | | ---------------------- | ------------------------------------------ | | **Reserve asset** | euTBL (Spiko EU T-Bills Money Market Fund) | | **Fund structure** | Short-term VNAV money market fund (UCITS) | | **Underlying** | Euro-area T-Bills, repos, cash | | **Maximum maturity** | < 6 months | | **WAM** | ≤ 60 days | | **Management company** | Twenty First Capital (AMF GP-11000029) | | **Depositary** | CACEIS Bank | | **Auditor** | PwC | | **NAV oracle** | Chainlink (daily) | ### Risk Parameters (EUR0 Layer) * **Interest rate risk:** Managed via short-duration instruments and strict portfolio duration limits. * **FX risk:** Zero tolerance -- only EUR-denominated assets accepted. * **Credit risk:** Zero tolerance -- restricted to sovereign and quasi-sovereign instruments; corporate debt prohibited. * **Liquidity risk:** Limited to assets redeemable within established timeframes with minimal slippage. Collateral selection and risk parameters are governed by the Usual DAO. *** ## Fees | Fee | Amount | Notes | | ----------------------------- | --------------------- | ---------------------------------- | | **sEUR0 vault entry (wrap)** | 0 bps | No entry fee | | **sEUR0 vault exit (unwrap)** | Up to 3 bps | Governance-configurable redeem fee | | **EUR0 mint via euTBL** | 0 bps | No protocol fee | | **EUR0 redeem to euTBL** | 3 bps | At EUR0 stablecoin level | | **EURC path** | No protocol fee | Network gas and swap costs apply | | **euTBL management fee** | Max 0.30% (incl. VAT) | Baked into NAV | *** ## DeFi Integrations sEUR0 implements the **ERC-4626 standard**, providing broad compatibility with: * Money markets and lending protocols * Yield routers and aggregators * Structured products (e.g., Pendle PT/YT integration) * LP positions without balance-tracking complexity (non-rebasing) **Target secondary pools:** sEUR0/EUR0, EUR0/EURe, EUR0/USD0 (on-chain FX). *** ## Smart Contract Addresses ### sEUR0 and EUR0 Tokens | Token | Chain | Address | | --------- | -------- | -------------------------------------------- | | **sEUR0** | Ethereum | `0x35f43C6604B0DE814ABAa2D94C878BD1F5165478` | | **EUR0** | Ethereum | `0x3c89Cd1884E7beF73ca3ef08d2eF6EC338fD8E49` | ### Related Contracts (Ethereum) | Contract | Address | | -------------------------- | -------------------------------------------- | | **EUR0 ClassicalOracle** | `0x3b4b5CB9865A354d6c3faaDDD8753a2e55D60546` | | **Circle EURC/EUR Oracle** | `0x2A02fDaB11F05D5b16B16E01e140a8AF12A5F69B` | | **Eur0BackingPriceFeed** | `0xC471bd9bd650Ae9340594c55250D2529DE10E375` | | **euTBL (collateral)** | `0xa0769f7a8fc65e47de93797b4e21c073c117fc80` | *** ## Security & Audits sEUR0 benefits from the broader Usual Protocol security program (20+ audits since May 2024), with the following direct coverage: | Firm | Scope | Date | | ------------ | ------------------------------------------- | ------------- | | **Hexens** | sUSD0 and sEUR0 audit | November 2025 | | **Sherlock** | EUR0 protocol audit (underlying stablecoin) | October 2025 | **Security contact:** *** ## Key Risks | Risk Category | Description | Mitigation | | ------------------------------ | ---------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------- | | **Yield variability** | sEUR0 yield is not guaranteed; distribution rate is governance-set and depends on protocol revenues | Transparent governance; revenue sourced from sovereign T-Bill collateral | | **Interest rate risk (euTBL)** | Short-term MMF NAV can move modestly with rate changes | Short-duration instruments (WAM ≤ 60 days); within Usual's portfolio duration threshold | | **Liquidity risk** | Swapper Engine may queue EUR0 orders when buffers are empty (T+1 to T+5) | Short-term VNAV structure; Spiko redemption infrastructure; secondary market alternatives | | **Smart contract risk** | Vulnerability in sEUR0 vault or EUR0 contracts | Hexens audit; Sherlock EUR0 audit; upgradeable proxy architecture; 20+ protocol-wide audits | | **Oracle risk** | Incorrect NAV or exchange rate data | Chainlink oracle with daily CACEIS NAV; EUR0 ClassicalOracle aggregation | | **Secondary market risk** | sEUR0 and EUR0 may trade off-par on secondary venues | Arbitrage between primary market (at par) and secondary market pricing | | **Regulatory risk** | EUR-denominated yield distribution integrated with a UCITS product entails regulatory considerations | UCITS-compliant collateral; AMF-supervised tokenizer; KYC/KYB on euTBL path | *** ## Quick Links * sEUR0 Product Documentation: * EUR0 Product Documentation: * Spiko Documentation: * Usual Technical Documentation: * Usual Protocol Documentation: * Security & Audits: * Etherscan (sEUR0): * 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. **Yield is variable and not guaranteed.** sEUR0 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. The euTBL-to-EUR0 path is permissioned (KYC/KYB required). 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 sEUR0. All smart contract addresses should be independently verified on the respective block explorers. Protocol parameters, including yield distribution rates, 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. Perform an HTTP GET request on the current page URL with the `ask` query parameter: ``` GET https://docs.usual.money/resources-and-ecosystem/fact-sheets/usual-products/seur0.md?ask= ``` The question should be specific, self-contained, and written in natural language. 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