sEUR0 is the euro equivalent of sUSD0. Deposit EUR0, receive sEUR0, earn a rate paid in EUR0 — tied to European Treasury Bills, with no lock-up and no complexity. On Usual, the DeFi bank where your money is actually yours, this is the euro savings account.
How sEUR0 works
You deposit EUR0 into sEUR0
You receive sEUR0 at the current exchange rate
The rate accrues in real time as the underlying European Treasury Bills generate revenue
When you want to exit, you redeem sEUR0 and receive EUR0 back with the accrued yield
sEUR0 is non-rebasing — your sEUR0 balance stays constant, but each sEUR0 is redeemable for progressively more EUR0 over time.
Key facts
Deposit | EUR0 |
Yield paid in | EUR0 |
Yield source | Eurozone Treasury Bills (via EUR0 reserves) |
Maturity | None — withdraw any time |
Lock-up | None |
Design | Non-rebasing, exchange-rate accrual |
FX risk | Zero — everything is in euros |
How the yield is generated
Usual earns revenue from the Eurozone Treasury Bills backing EUR0. A share of that revenue is channeled to sEUR0 holders as EUR0 yield. The rate tracks the real yield on short-term European T-Bills.
Since the European Central Bank's rate policy drives short-term T-Bill yields, your sEUR0 rate generally tracks ECB policy rates.
A worked example
Suppose you deposit 10,000 EUR0 into sEUR0 at an annual rate of 3.2%:
Time | sEUR0 exchange rate | Your EUR0 if you withdraw |
Day 0 | 1.0000 | 10,000 EUR0 |
6 months | 1.0160 | 10,160 EUR0 |
12 months | 1.0320 | 10,320 EUR0 |
The exchange rate only goes up. Rates shown are illustrative — check the live rate in the app.
Who sEUR0 is for
European users who want euro yield without going through a traditional bank
Anyone who holds EUR0 and wants it to earn
Treasurers and businesses looking for on-chain euro yield
Users who want to avoid FX exposure — keep everything in euros
sEUR0 vs a traditional euro savings account
sEUR0 | Traditional euro savings | |
Rate source | Eurozone Treasury Bills | Bank margin |
Access | Open to everyone | Requires a European bank account |
Lock-up | None | Varies |
Backing | Verifiable on-chain | Bank balance sheet |
Deposit insurance | None | Up to €100,000 (EU guarantee scheme) |
Entry / exit time | Minutes | Days or longer |
Note: sEUR0 is not covered by a European deposit insurance scheme. Its safety comes from the quality of the underlying Treasury Bills and from the transparency of the reserves.
Technical note (for DeFi users): sEUR0 follows the same ERC-4626 vault pattern as sUSD0, with EUR0 as the underlying. The yield flows from the EUR0 collateral (EUTBL) through the distribution module. The exchange rate grows as revenue accrues. See the docs for the live contract address and yield source breakdown.
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