EUR0 is Usual's euro balance. As a DeFi bank with a multi-currency vision, Usual offers EUR0 as the euro equivalent of USD0 — backed by European Treasury Bills, fully transferable, and redeemable 1-to-1 at any time.
What makes EUR0 different
EUR0 | Traditional euro stablecoin | A bank euro account | |
Backing | Eurozone Treasury Bills (verifiable) | Bank deposits + T-Bills | Bank deposits |
Transparency | Real-time, on-chain | Monthly or quarterly reports | Not public |
Revenue sharing | 100% to the community | None | Bank margin |
Bank risk | None | Partial | Full |
Access | Open to everyone | Whitelist in some cases | Requires KYC and bank approval |
Key facts
Peg | 1 EUR0 = 1 EUR |
Backed by | Eurozone sovereign Treasury Bills (via EUTBL from Spiko) |
Chain | Ethereum (primary) |
Redemption | 1:1 at any time |
Revenue model | 100% of yield shared with the community |
FX risk | Zero — collateral is 100% EUR-denominated |
How to get EUR0
Three ways:
Deposit EURC (recommended for most users) — trade EURC for EUR0 through the app's Swapper. Retail-friendly.
On-ramp from EUR via SEPA — send EUR from a European bank account through Monerium, receive EURe, swap 1:1 for EUR0 via Usual's SwapperHelper.
Deposit EUTBL (for institutions) — if you hold Spiko EUTBL tokens directly, you can deposit them 1:1. Requires KYC / KYB approval with Spiko.
What you can do with EUR0
Hold it as a stable euro balance you control
Save with sEUR0 to earn a rate tied to European Treasury Bills
Trade it against USD0, EURC, or EURe on supported markets
Use it as a settlement asset for on-chain euro transactions
How to get back to euro cash
EUR0 → EURe (via Uniswap V3 EUR0/EURe pool) → euro bank account (via Monerium SEPA redemption)
This is currently the primary off-ramp path. The EUR0/EURe pool sits at the core of the euro exit route.
Note: EUR0's secondary-market liquidity is still growing. For large orders, expect some slippage on the EUR0/EURe route. The peg is anchored by primary market mint/redeem but is not guaranteed on secondary venues.
Technical note (for DeFi users): EUR0 is the third Liquid Deposit Token (LDT) in Usual's framework, alongside USD0 and ETH0. The collateral is EUTBL (Spiko EU T-Bills Money Market Fund), NAV-updated daily via Chainlink oracle, audited by PwC, with smart contracts audited by Trail of Bits. Indirect mint path: EURC → Swapper Engine → Collateral Provider supplies EUTBL → EUR0. A 3 bps fee applies on direct primary-market redemption to EUTBL. See the docs for contract addresses.
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