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" },
  ]}
/>


# DEX trading volume methodology

## 1. Overview

DEX trading volume is the total value of trades involving a specific asset executed on decentralized exchanges, broken out by the exchange and product where the trade was executed (venue). Integrated venues include Uniswap, Aerodrome, PancakeSwap, and Fluid, among others, with coverage expanding as more are added.

## 2. Data sources

- **EVM chain events**: Swap and trade events from decentralized exchange contracts, covering EVM-compatible chains (Ethereum, Arbitrum, Base, Polygon, Optimism, and others)
- **Solana instructions**: Swap and trade instructions from decentralized exchange programs, covering Solana
- **Hyperliquid native spot**: Spot trading data from Hyperliquid
- **Asset metadata**: Token addresses and decimal precision
- **External data**: End-of-day price feeds

## 3. Step-by-step calculation

### Component A: Extract trade events and instructions

- **Purpose**: Retrieve raw trade data from decentralized exchange contracts, programs, and native spot feeds.
- **Logic**: On EVM-compatible chains, swap and trade events are parsed from decentralized exchange contracts. On Solana, swap and trade instructions are parsed from decentralized exchange programs. For each trade, the raw amounts of both traded tokens (the token sold and the token bought) are extracted along with the pool address, chain, and product identifier. For Hyperliquid, native spot trading volume is retrieved directly.
- **Key fields**: `amount_0` (raw quantity of first token), `amount_1` (raw quantity of second token), `token_address_0` (address of first token), `token_address_1` (address of second token), `timestamp` (block timestamp), `trading_volume` (raw trading volume for native spot)

### Component B: Normalize amounts and apply valuation

- **Purpose**: Normalize token quantities and calculate the USD value of the trade.
- **Logic**: Raw token amounts are normalized by decimal precision retrieved from asset metadata. Normalized amounts are multiplied by end-of-day price feeds from the price pipeline. To mitigate wash trading and mispricing, a conservative valuation is typically applied where the total trading volume of the trade is determined by taking the lesser USD value of the two legs (the token sold and the token bought). However, for trades involving exactly one tokenized stock, the valuation is determined solely by the tokenized-stock leg to prevent mispricing from unpriced counterparties. Hyperliquid native spot trading volume is retrieved pre-valued and is not subject to this valuation logic.
- **Key fields**: `trading_volume` (calculated USD value of the trade), `token_address_0` (address of first token), `token_address_1` (address of second token)

### Component C: Resolve trade legs and final aggregation

- **Purpose**: Attribute trading volume to each individual asset and aggregate by venue.
- **Logic**: Each trade is typically split into two distinct legs to represent both sides of the transaction, where one leg is categorized as a sell for the token sold by the trader, and the other leg is categorized as a buy for the token bought by the trader. Hyperliquid native spot trading volume is excluded from this split as it is retrieved pre-split by trade direction. The trading volume is then aggregated by summing the USD values across trade directions, assets, chains, and venues.
- **Key fields**: `trade_direction` (direction of the trade leg), `token_address` (resolved token address), `trading_volume` (aggregated USD volume)

*This methodology was automatically generated by Token Terminal's methodology analyzer.*

Value of trades involving the asset on decentralized exchanges, counted on both sides of each trade, broken out per venue.

DEX trading volume

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