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
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
Deposit: Submit EUR0 to the ERC-4626 vault. Receive sEUR0 representing the user's share of the vault's total EUR0-denominated assets.
Accrue: Yield accrues passively as the sEUR0/EUR0 exchange rate increases over time. No manual claiming or interaction is required.
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
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
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
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
sEUR0
Ethereum
0x35f43C6604B0DE814ABAa2D94C878BD1F5165478
EUR0
Ethereum
0x3c89Cd1884E7beF73ca3ef08d2eF6EC338fD8E49
Related Contracts (Ethereum)
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:
Hexens
sUSD0 and sEUR0 audit
November 2025
Sherlock
EUR0 protocol audit (underlying stablecoin)
October 2025
Security contact: [email protected]
Key Risks
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: https://docs.usual.money/usual-products/yield-products/eur-products/eur0-savings
EUR0 Product Documentation: https://docs.usual.money/usual-products/usd0-stablecoin/eur0-stablecoin
Spiko Documentation: https://docs.spiko.io/
Usual Technical Documentation: https://tech.usual.money/
Usual Protocol Documentation: https://docs.usual.money/
Security & Audits: https://tech.usual.money/security-and-audits/audits
Etherscan (sEUR0): https://etherscan.io/token/0x35f43C6604B0DE814ABAa2D94C878BD1F5165478
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. 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.
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