Key facts

Protocol profile

EUR0 is issued by Usual, a French protocol primarily known for USD0 — a US dollar stablecoin backed by tokenised US T-bills. EUR0 is the euro-denominated counterpart, backed by Spiko EUTBL tokens. S1

Spiko EUTBL represents shares in a eurozone T-bill UCITS money-market fund authorised by the French Autorité des marchés financiers (AMF). It is classified on this site as a tokenised fund (not a stablecoin), but it functions as the collateral layer for EUR0. S2

Minters deposit EUTBL collateral; the protocol issues EUR0 at a 1:1 rate. There is no fiat bank account — the reserve is entirely on-chain as a tokenised fund holding. A SEUR0 savings wrapper exists as a deployed contract but had zero circulating supply as of the 2026-06-12 data snapshot.

Regulatory status

EUR0 is not a MiCA e-money token (EMT). Usual does not appear on the ESMA interim MiCA EMT White Paper register (verified 2026-06-12). S4

Usual has no published EU EMI licence or credit-institution authorisation. eurostablecoins.xyz does not attribute any regulator-sourced status to EUR0. The site labels EUR0 as “Not regulated” because the absence from the ESMA register is a high-confidence verified fact, not an issuer claim.

Usual operates from France but the exact legal entity name has not been independently verified from official registries. S1

Reserve & backing

The collateral for EUR0 is Spiko EUTBL, a tokenised share class of an AMF-authorised UCITS money-market fund that invests in eurozone sovereign T-bills. The fund is operated by Spiko, a French fintech authorised by the AMF. S2

Unlike traditional fiat-backed stablecoins (where euros sit in bank accounts), EUR0's reserves are entirely on-chain as EUTBL token balances. This is an on-chain tokenised-fund collateral model.

No public reserve attestations or auditor reports for EUR0 have been identified. Reserve transparency relies on the on-chain visibility of EUTBL collateral positions.

Chain coverage

EUR0 is deployed on Ethereum mainnet only (contract 0x3c89…fd8e49, 18 decimals, symbol EUR0). S3

No deployments on other chains have been identified. The SEUR0 savings wrapper is a separate Ethereum contract; it is not tracked by this site.

Peg data

EUR0 trades primarily on decentralised exchanges. A notable DEX pool between EURe and EUR0 provides the primary observable peg reference. There are no known centralised exchange listings as of 2026-06-12. Peg data on this site reflects DEX pool prices where available; aggregator data may be unavailable or lagged for thin markets.

API access

Supply, mint/burn, and transfer-volume history for EUR0 are available via the eurostablecoins.xyz data API:

• /api/v1/coins/eur0 — metadata
• /api/v1/supply/eur0 — daily supply history

Data limitations

• Supply history starts from the date eurostablecoins.xyz began tracking EUR0; no historical backfill is available for pre-tracking periods.
• Peg data depends on DEX pool availability; periods without active pools will show no peg reading.
• Smart-contract capabilities (freeze, blacklist, pause, upgradeability) have not been independently reviewed; these fields are listed as unknown in the coin profile.
• The Usual legal entity name has not been verified from official corporate registries.
• Launch date (2026) is approximate; the exact deployment date has not been confirmed.

Frequently asked questions

What is EUR0?

EUR0 is a euro stablecoin issued by Usual (France) on Ethereum. It is backed by Spiko EUTBL tokens — tokenised shares of an AMF-authorised UCITS money-market fund that tracks eurozone T-bills. Unlike fiat-backed stablecoins, EUR0 holds no fiat bank deposits; its collateral is an on-chain tokenised fund. Usual is best known for its USD0 stablecoin.

Is EUR0 a MiCA e-money token?

No. EUR0 does not appear on ESMA's interim MiCA EMT White Paper register (verified 2026-06-12). Usual does not hold an EU EMI or credit-institution licence. eurostablecoins.xyz does not attribute any regulator-sourced status to EUR0.

How does the T-bill backing work?

EUR0 minters deposit Spiko EUTBL tokens as collateral. Spiko EUTBL represents shares in a eurozone T-bill UCITS MMF authorised by the French AMF. The protocol issues EUR0 against that collateral at a 1:1 rate. The backing asset is an on-chain token representing a regulated fund, not a direct bank deposit.

What is SEUR0?

SEUR0 is a savings wrapper for EUR0. It exists as a deployed contract but had zero circulating supply as of 2026-06-12. eurostablecoins.xyz tracks EUR0 only; SEUR0 is not separately tracked.

Where can EUR0 be traded?

EUR0 trades primarily on decentralised exchanges. A notable DEX pool exists between EURe and EUR0 with approximately $730k in liquidity (as of the 2026-06-12 research sweep). There are no known CEX listings. eurostablecoins.xyz reflects DEX pool data where available.

Sources