EUR0, issued by the Usual Protocol smart contracts under the governance of USUAL tokenholders, is a Euro-denominated stablecoin that is fully collateralized 1:1 by tokenized Euro-area Treasury bill fund shares [S1].

Each EUR0 corresponds to one Euro (EUR) of value in euTBL, the Spiko EU T-Bills Money Market Fund, backed by Euro-area Treasury bills issued by France and Germany with maximum maturity under six months and average duration under 60 days [S1]. The base stablecoin is non-yield-bearing; collateral yield is routed to the community through the USUAL governance token rather than retained [S2][S3]. The protocol charges Users no fees for the Services, though holders bear blockchain gas costs [S4].

EUR0 is developed by Association de Développement de la DAO Usual (ADDU), a French law association registered in Paris under INSEE SIREN 925 013 245, which states it does not act as a conventional corporate issuer; the tokens are governed by USUAL tokenholders [S4]. No specific regulator or license is claimed for ADDU [S4][S5]. The holder's claim is a liquid deposit token redeemable for underlying collateral [S4]. Prohibited Persons include U.S. residents and nationals of 60-plus listed countries [S4]. EUR0 assets are stated to be ring-fenced in the event of Spiko bankruptcy [S1].

EUR0 is an ERC-20 token incorporating an allowlist and KYC management layer through a Permission Manager, enabling both permissioned and permissionless minting paths [S1]. Minting deposits eligible collateral into protocol smart contracts to issue tokens 1:1, with redemption returning underlying collateral at par [S1][S6]. Collateral pricing for the protocol uses a ClassicalOracle mechanism [S6].

<Sources
  retrievedAt="2026-06-21"
  items={[
    { id: "S1", url: "https://docs.usual.money/usual-products/usd0-stablecoin/eur0-stablecoin.md" },
    { id: "S2", url: "https://docs.usual.money/usual-products/usd0-stablecoin" },
    { id: "S3", url: "https://docs.usual.money/usual-products/usual-governance-token/why-usual.md" },
    { id: "S4", url: "https://docs.usual.money/resources-and-ecosystem/legal-documentation/terms-of-services" },
    { id: "S5", url: "https://docs.usual.money/resources-and-ecosystem/legal-documentation/legal-notice.md" },
    { id: "S6", url: "https://docs.usual.money/usual-products/usd0-stablecoin/usd0/flow-and-architecture.md" },
  ]}
/>


Stablecoins

Users deposit US Treasury Bills and receive USD0, Usual's USD stablecoin. With USD0, users can purchase the enhanced T-Bill (USD0++), allowing them to earn rewards in USUAL tokens.

Usual is a decentralized Fiat Stablecoin issuer built on Ethereum and it was launched in 2024.

USUAL tokenholders own and govern the protocol. They currently collect all of the RWA collateral interest (revenue). Usual's investors include Bing Ventures, StarkWare, Kima Ventures, etc.

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Stablecoin issuers

Usual

Usual EUR (EUR0) is a euro stablecoin issued by Usual.

Each token is redeemable one-for-one for euros and is a direct claim on the issuer.

Reserves are held in money market funds, in accounts segregated from the issuer's own funds.

They sit with CACEIS Bank, attested by PricewaterhouseCoopers (PwC).

Retail investors, accredited investors, and institutions can mint and redeem directly with Usual in EUR, EURC, and euTBL after completing KYC, and holders have a contractual right to redeem at par.

EUR0 has been issued on Ethereum as an ERC-20 token since October 2025.

Usual EUREUR0

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