Usual EUR0

EUR0 is Usual’s euro-pegged stablecoin on Ethereum, fully backed by EU-issued T-bills. Its government-debt backing places it in the tokenized-treasury family that the registry reviews one by one, but it is too small. DefiLlama measured $235,198 on Ethereum on 2026-08-16, only 0.24% of the size floor. We reject it for size before reviewing the fund, issuer, permissions, NAV oracle, buffer, queue, and secondary peg.

Review triggers: events that reopen the verdict
• TVL sustained above the retired TVL threshold for 30 days

Watched nightly: a warning on its venues or files, or a cited document that changes, reopens the memo. The first confirmation is due 2026-11-15.

The research file

Materiality mechanism, applied

The size floor reflects capacity, not quality. A $2 million household with a 5-10% crypto sleeve and a 10-40% venue weight implies roughly $10,000 to $80,000 here. Across 100 similar clients, one practice can direct $1 million to $8 million to one venue based on the same research. Below the protocol TVL size floor, that book can overwhelm exits. TVL also overstates capacity because it does not promise an executable withdrawal: utilization, queues, unbonding, bridge depth, and token liquidity can leave less available than the headline figure suggests. Small size does not itself show weak governance or team quality. The class rule makes no such judgment. The problem is that strong controls cannot fix inadequate capacity for this distribution channel. We do not open the individual review until the protocol clears the size floor.

Mechanism applicability

EUR0 is minted against euTBL, Spiko’s euro money-market fund, which invests in short-duration sovereign bills, repos, and cash. Direct euTBL minting requires permission. A permissionless EURC Swapper Engine path depends on available buffer liquidity.

Control and reserve applicability

Usual DAO controls protocol parameters. Spiko, its management company, depositary, administrator, auditor, and permission manager control parts of the underlying fund. Daily NAV and Chainlink infrastructure make the fund easier to monitor, but they do not remove fund, oracle, legal, or access risk.

Exit applicability

Eligible holders can redeem to euTBL at par less 3 bps. The EURC path is instant only when the buffer has liquidity. It may take T+1 to T+5 when buffers are empty. Usual does not guarantee secondary-market liquidity or the peg.

Why the dossier still applies

DefiLlama measured $235,198 on Ethereum on 2026-08-16, 0.24% of the size floor. Reopen after TVL stays above the size floor for 30 days. Then verify reserves, legal rights, NAV, governance, audits, incidents, access eligibility, buffer history, and redemption at the proposed size.

Research status

This is a capacity-unproven record for Usual EUR0, not a quality rejection or approval. Reported TVL says how big the venue is, not what the client owns, who can change the rules, or how a position exits at a proposed size. The individual review opens when the protocol clears the size floor.

Sources

The claims above trace to these. Where a number could not be independently verified, the thesis says so.

• Usual Docs — EUR0 factsheet · primary · accessed 2026-08-16
  Supports: euTBL backing, fund parties, launch and audit record
• Usual Docs — EUR0 product · primary · accessed 2026-08-16
  Supports: mint and redemption paths, 3 bps fee, KYC perimeter
• Usual Docs — deposits and withdrawals · primary · accessed 2026-08-16
  Supports: fiat access, SEPA redemption, processing states
• Usual Docs — protocol overview · primary · accessed 2026-08-16
  Supports: DAO architecture, collateral framework, EUR0 lifecycle
• DefiLlama — Usual EUR0 survey record · secondary · accessed 2026-08-16
  Supports: $235,198 TVL, Ethereum perimeter, RWA category

Inherited controls

The research above describes the protocol layer. Every position also inherits the asset it holds and the chain it settles on. The layer with the most administrative power sets the position’s effective control; that describes control, not quality or suitability.