sEUR, issued by the Synthetix Protocol smart contracts under the governance of SNX tokenholders, is a crypto-collateralized synthetic stablecoin that tracks the Euro (EUR) through the protocol's oracle system and SNX-backed collateralization [S1][S2].

Holders gain onchain economic exposure to the Euro (EUR), with the token targeting a one-to-one peg maintained through over-collateralization and protocol issuance and redemption incentives rather than fiat reserves [S2]. Staking rewards distributed from protocol revenues accrue to SNX stakers who back the system, not to passive tokenholders [S2]. The fee schedule discloses no standalone minting or redemption fee for the synthetic asset, while collateral operations incur withdrawal, swap, and Ethereum gas costs paid in ETH [S3].

Synthetix is not issued by a single corporate entity; its Terms of Use describe Synthetix (SNX DAO) as a distributed network of individual contributors with no central operating entity, asserting no jurisdiction of incorporation [S1]. Synthetix discloses it is not registered or licensed with the CFTC, SEC, or any financial or banking regulator, and acts as no broker, intermediary, agent, or advisor [S1][S4]. The token is a protocol-issued synthetic asset, not a redeemable claim on reserves [S2]. Users must be at least eighteen, must not be sanctioned, and prohibited jurisdictions apply [S1][S4]. Collateral sits in smart contracts without a named custodian or per-holder security interest [S1][S2].

The synthetic asset is an ERC-20 token issued onchain, with the protocol's primary staking and issuance venue on Ethereum Mainnet and a legacy deployment on Optimism [S2][S5]. Tokens are minted when SNX stakers lock collateral and take on protocol debt, and burned to repay debt and release collateral, with settlement occurring onchain [S2].

<Sources
  retrievedAt="2026-06-22"
  items={[
    { id: "S1", url: "https://www.synthetix.io/terms" },
    { id: "S2", url: "https://docs.synthetix.io/staking" },
    { id: "S3", url: "https://docs.synthetix.io/trading/fees" },
    { id: "S4", url: "https://www.synthetix.io/exchange-terms" },
    { id: "S5", url: "https://docs.synthetix.io/tokens/earn-yield-on-susd" },
  ]}
/>


Stablecoins

Overcollateralized borrowers deposit funds into Synthetix and mint synthetic assets.

Synthetix is a non-custodial derivatives exchange protocol built on Ethereum. Synthetix was founded by Kain Warwick and launched in 2017.

SNX tokenholders own and govern the protocol. They currently take all of the total trading fees paid by traders (revenue). Synthetix's investors include Paradigm, Framework Ventures, Coinbase Ventures, etc.

governance

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Derivative exchanges

Synthetix

Synthetix sEUR (sEUR) is a euro stablecoin issued by Synthetix.

Retail investors, professional investors, accredited investors, qualified investors, qualified purchasers, and institutions can mint and redeem directly with Synthetix.

sEUR has been issued on public blockchains since October 2019 and is native to Ethereum and OP Mainnet.

Synthetix sEURsEUR

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