EUR0 Stablecoin

EUR0 is the euro stablecoin of the Usual ecosystem, collateralized by European bonds (sovereign bond reserves). Just like USD0, it is designed to offer a settlement asset in €, composable in DeFi, while being built on stable underlying assets allowing it to offer maximum security.

Mint & Redeem

EUR0 offers two methods for minting and redeeming the stablecoin:

• (permissionless) via EURC: ability to mint/redeem (1 EUR0 = 1€ EURC) instantly within the limits of available liquidity (euTBL/EURC) via the Swapper Engine.

• (permissioned) via euTBL: unlimited mint/redemption capability (1 EUR0 = 1€ euTBL) instantaneously.

_{Direct path euTBL → EUR0}

• Mint: deposit euTBL to mint EUR0 at par (1€ euTBL = 1 EUR0).

• Redeem: burn EUR0 to receive euTBL at par ( 1 EUR0 = 1€ euTBL) – 3 bps (redemption fee).

• KYC/KYB: access to Spiko's Teller/Permission Manager contracts is restricted to allowlisted addresses; institutional use requires KYC/KYB.

_{EURC → EUR0 path via Swapper Engine}

• Principle: EURC → euTBL → EUR0 conversion orchestrated by the Swapper Engine (on-chain order mechanism/"order book", similar to USD0↔USDC implementation).

• Latency: non-atomic:

  • T0: Instant processing within the limits of available EURC and euTBL liquidity

  • T+1 to T+5 possible if buffers/loopers are empty; the dApp displays pending order, queue position and Looper liquidity. Secondary markets (Spiko ATM v2, DEX pools) can serve as alternatives.

• Cancellation & unavailability

  • Cancellation: as long as the order is not executed, the user can cancel.

  • UI States: pause, cap reached or insufficient collateral are clearly indicated. Notification upon execution.

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Secondary Liquidity

EUR0 is available on the secondary market. As it is deployed, liquidity will be incentivized against other assets in the USUAL ecosystem, notably USD0, to offer an FX market.

• Target pools: EUR0/EURe, EUR0/USD0.

USUAL protocol does not guarantee the liquidity or even the peg of EUR0 on the secondary market.

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Collateral & Reserves

• Reserve asset: euTBL (Spiko EU T-Bills Money Market Fund), short-term EUR MMF invested in euro area T-Bills (France, Germany, etc.), short-term VNAV, maturity < 6 months, average duration < 60 days.

• Supervision & infrastructure: Spiko is approved/supervised , PwC auditor; daily NAV published on-chain (Chainlink oracle) and at official venues.

• Spiko contracts: ERC-20 architecture with allowlist/KYC management (Permission Manager); contracts audited by Trail of Bits.

Implication for EUR0: each EUR0 in circulation corresponds to €1 of euTBL value, measured at NAV and managed via mint/redeem flows described.