EUR0 is Usual's euro balance, available as a DeFi bank product. This article shows the main use cases and the infrastructure that makes them possible.
Use cases
1. Hold euros you control
The simplest use case: keep your balance in EUR0 instead of leaving cash at a bank. You always hold the keys. The backing is verifiable.
2. Earn a rate on your euros
Deposit EUR0 into sEUR0, the euro savings account. sEUR0 passes through the yield from Eurozone Treasury Bills, paid in EUR0. No lock-up. See sEUR0 — Euro savings.
3. Settle euro transactions on-chain
EUR0 works as a transferable euro unit. You can send it to another account, use it to pay a counterparty, or deposit it into an app that accepts euro balances.
4. Convert between euros and dollars
EUR0 and USD0 exist side-by-side. A future clearFX pool (EUR0/USD0) is planned as part of Usual's V2 roadmap, enabling direct on-chain conversion between the two at better rates than traditional FX markets. For now, you can use cross-market routes via Uniswap.
5. Move in and out of fiat euros
The euro on-ramp and off-ramp flow:
On-ramp (euro cash → EUR0):
Send EUR from your bank to Monerium via SEPA
Monerium mints EURe in your account
Approve EURe to Usual's SwapperHelper
Receive 1 EUR0 per 1 EURe
Off-ramp (EUR0 → euro cash):
Swap EUR0 for EURe via the Uniswap V3 EUR0/EURe pool
Redeem EURe for euro cash via Monerium SEPA
Receive EUR in your bank account
Where EUR0 has liquidity today
Venue | Purpose | TVL (Feb 2026) |
Uniswap V3 EUR0/EURe | Primary euro off-ramp route | Under 100K |
Uniswap V3 EUR0/EURC | Secondary exit to stablecoin | ~100K |
Uniswap V3 EURC/USDC | Cross-currency route to USD | Over 1M |
DAO Operator | On-ramp buffer for EURe → EUR0 | 25–50K |
Multi-ATM Spiko V2 | Permissioned atomic conversions | Institutional |
Liquidity is still growing. Large off-ramp orders may face slippage.
Current limits and constraints
Off-ramp limit — currently 15,000 EUR per KYC. Higher amounts require additional documentation.
Buffer capacity — the DAO on-ramp buffer has a target of 25–50K EUR0. If the buffer is depleted, your EURe remains in your wallet (no loss) until the buffer refills.
Primary chain — EUR0 is currently deployed on Ethereum mainnet. Multi-chain expansion is on the roadmap.
Who EUR0 is for
European users who want to hold euros outside traditional banks
Crypto businesses that need a euro settlement asset
Traders who want to hedge euro exposure in DeFi
Long-term savers who want yield on euros via sEUR0 backed by Eurozone Treasury Bills
Note: EUR0 is available to anyone, but the fiat on-ramp and off-ramp routes go through Monerium and require a European bank account with SEPA capability. The direct primary-market path (EUTBL → EUR0) requires KYC / KYB approval with Spiko.
Technical note (for DeFi users): The EUR0/EURe Uniswap V3 pool is the sole on-chain bridge between EUR0 and EUR fiat rails (via Monerium). The DAO Buffer Operator at 0x60ac68Dd4DB51572cB8b5d151e8B84364c34e849 holds EUR0 for on-ramp swaps. The DAO Hotwallet at 0xc32e2a2F03d41768095e67b62C9c739f2C2Bc4aA collects incoming EURe. Off-ramp > 15K EUR requires additional KYC documentation. See the docs.
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