EURO aims to turn the euro from a sidelined currency into a core player of on-chain finance — unlocking deep FX liquidity, programmable settlement, and real euro rails for payments, savings, and DeFi operations across chains.
TL;DR
EUR0 is a euro stablecoin collateralized by European sovereign bonds. Designed as a settlement asset and secure DeFi building block, it offers instant minting and redemption. It unlocks euro rails—payments, multi-currency treasury, RWA settlement, and 24/7 e-commerce—and enables simple on-chain FX (EUR↔USD↔GBP…) at lower overall cost. Launching on Ethereum mainnet first, with multichain support to follow.
The state of play — and why now
The on-chain economy was built in dollars. Nearly 99% of stablecoin market cap is USD-based, while on-chain euros remain marginal at under €350M, per the ECB (July 2025). AFME (Sept 2025) puts all European stablecoins (EUR, GBP, CHF) at ≈ $463 M, less than 0.2% of the market.
This dollarization creates two major frictions.
First, FX drag: a European investor, DAO, or merchant who budgets and reports in € but operates in USD takes on needless currency volatility. If your yields are in dollars and the euro appreciates, your euro-base performance erodes—sometimes by more than 10% since the start of the year—even when the strategy “works” in USD.
Second, on-chain FX liquidity remains fragmented and shallow: non-USD stablecoins lack scale, arbitrage stalls, and cross-currency swaps become costlier and slower. Yet every actor—issuers, investors, merchants—needs payment rails and treasury management in their own currency.
Why Now: Three Curves Just Crossed
FX reality bites. For teams that budget in € but farm in $, FX swings are shaving real returns; in several recent months, FX alone has overwhelmed strategy alpha.
Institutional signals. European financial institutions are piloting bank-issued on-chain euros and exploring €-denominated settlement on public chains—clear evidence of demand for a credible, composable alternative.
Rails have matured. Tokenized sovereign paper, better oracles, L2s, and integrated on/off-ramps now make instant, programmable €-settlement viable for DeFi and fintech.
Liquidity opportunity. The lack of deep €↔$ on-chain FX liquidity is an addressable gap: dedicated EUR0–USD0 liquidity would unlock cheaper hedging, arbitrage, and treasury operations.
With stablecoins head toward $260–300B by end-2025, Usual is building the foundation to scale the euro’s presence on-chain.
Usual’s promise — Euro rails + On-chain forex
Our goal: restore the euro’s role in the on-chain economy.
With EUR0, we offer a euro settlement asset—programmable, redeemable 1:1, and natively composable across DeFi. Around it, Usual is building euro rails—payments, multi-currency cash management, and RWA settlement—along with integrated on/off-ramps that bridge banks and crypto.
At the core is on-chain FX: EUR0 ↔ USD0 swaps in one click, with dedicated liquidity, tighter spreads and lower slippage, and no banking intermediation layer.
What this changes — in practice
Treasurers and protocols can fine-tune their exposures: hold EUR0 and USD0 as needed, hedge FX risk natively, and adjust collateral without structural FX drag. EUR0 ↔ USD0 swaps execute with low slippage, serving both arbitrage and operational workflows.
Coming soon: a €-denominated yield suite to round out the offering. As with USD0, differentiated strategies—by risk profile, horizon, and liquidity—are composable in DeFi, putting your euros to work without USD conversion or unnecessary FX drag. Smooth on/off-ramps follow (bank euros ↔ EUR0, anytime redemption), plus simpler € payments: receive and pay in EUR on-chain with near-instant settlement, including a dedicated card.
v1 launches on Ethereum mainnet; multichain comes next (EVM L2s → beyond).
Why trust us
Start with financial security: reserves held in short-duration, highly liquid European sovereign bonds, with transparent, publicly reported holdings. Then technical security: independent audits and an always-on $16M bug bounty to protect your assets. Liquidity and redemptions are instant, enabling predictable cash flows and reliable merchant integrations. Finally, stress-tested mechanisms—clear operational playbooks, over-collateralization, and safeguards for periods of volatility or exceptional volumes—help maintain stability when markets turn choppy.
EUR0 aims to be more than just another stablecoin: euro-native infrastructure that lets you pay, settle, and invest 24/7 in €, plain and simple.
