EUR0 Savings
sEUR0 is the savings token for EUR0, built using the ERC-4626 vault standard.
Users deposit EUR0 into a permissionless vault and receive sEUR0 in return. Balances do not rebase; value accrues through an exchange rate that increases over time - so redeeming the token returns more EUR0 than initially deposited.
Yield originates from the protocol’s underlying collateral stack; primarily European sovereign T-Bills and short-term MMFs, and is distributed through the vault’s exchange rate mechanism.
Key Facts
Underlying: EUR0
Standard: ERC-4626 vault (non-rebasing, accrual-based)
Access: Permissionless; no KYC/KYB requirement
Yield source: Sovereign T-bills
Distribution: Governed via on-chain parameters; rate may vary with market conditions
Redemption: 1 sEUR0 → EUR0 × exchangeRate (t ≥ 1)
How It Works
Deposit EUR0 into the vault.
Receive sEUR0, representing a share of the vault’s assets.
Accrue yield as the exchange rate between sEUR0 and EUR0 rises.
Redeem at any time to unwrap and receive more EUR0 than initially deposited.
The ERC-4626 model enables straightforward integrations across DeFi — improving accounting, interoperability, and yield distribution.
Benefits
Predictable yield: Transparent accrual via exchangeRate growth
Euro stability: Short-duration euro sovereign exposure
Non-rebasing design: DeFi-compatible across pools and protocols
Permissionless access: On-chain deposit and redemption
Governance alignment: Parameters adjustable via $USUAL governance
Rebasing Track
EUR0 includes a rebasing mode at the base layer, distributing yield directly to EUR0 balances.
This track is part of Savings but remains on EUR0, not a separate token. It supports use cases requiring native balance growth without vault interaction.
Feature
EUR0
sEUR0
Purpose
Settlement Asset
Savings Instrument
Value
Pegged 1:1
Grows via exchange rate
Access
Free mint/redemption
Wrap/unwrap via vault
Use Cases (ex)
Payments, collateral
Yield Generation, Defi integration
Design
Rebase-free stablecoin
ERC-4626 Wrapper
Summary
sEUR0 turns EUR0 into a yield-accruing savings instrument; composable, transparent, and fully on-chain.
It forms the basis of euro-denominated savings within the Usual ecosystem.
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