[PRE-GIP] Add STASIS EURO (EURS) as a borrowable asset

Abstract

1. Who is the interested party for this collateral application

STASIS (STSS Limited Malta)

2. A brief high-level overview of the project

STASIS is a European financial technology firm that provides a bridge from Web 2.0 to Web 3.0 financial services.

STASIS is the issuer of EURS, the largest non-USD fiat-backed stablecoin. Audited by a top-5 global audit firm, it has accumulated the trust and accountability of the global community. The infrastructure is live on Ethereum, Ripple, XinFin, Algorand, and Polygon with several other blockchains in development.

The STASIS mobile (iOS/Android) allows customers to pay, earn and run digital asset treasuries globally. The company develops services and account management instruments such as:

  • Fiat to crypto link (IBAN to blockchain address);
  • Payments;
  • Stablecoin acquiring and virtual cards;
  • Services for businesses (payouts/ crypto processing, partner schemes);
  • DeFi yield management;
  • Multichain solution.

Among numerous competitive advantages is market leadership. While other major stablecoins operate on the USD market, EURS solo caters to the needs of the European Union, the third-largest economy in the world, allowing people to settle, transmit and stake digital value.

STASIS also enables an efficient bridge from DeFi to TradeFi. EURS successfully competes in the DeFi corner with the biggest euro-denominated staking pools. The STASIS’ 5 years of experience in KYC/AML practices and the established business setup allows customers to allocate and exit DeFi in minutes.

The further growth potential is significant. By building the software infrastructure around EURS, STASIS enables a $17 trillion European market and half a billion customers with access to non-custodial digital assets.

STASIS and EURS are also supported by institutional players — the leading custodians such as PrimeTrust, KingdomTrust, and BitGo, as well as tracked by Chainalysis, Coinfirm, and Elliptic. The world-leading accounting firm BDO provides annual audits and on-demand verifications.

Currently, STASIS issues and distributes EURS via its liquidity providers, which consist of a number of licensed payment institutions, a broker, and several regulated crypto-fiat exchanges. Not only cash is used to buy EURS, but also crypto assets and securities thanks to our partners who process such transactions, converting financial assets into fiat euros.

3. A brief history of the project

The STASIS company was launched in 2017 and EURS stablecoin—in June 2018 respectively. First, there has to be that discovery, that idea—a new asset class that could potentially be big regardless of the speculative nature of it or applicable technology likewise. Our team analyzed global legal frameworks around crypto and what different countries were after. Next, our team came up with and published a book—issued the second version in 2019.

The STASIS team chose Malta as a starting point and helped the local government climb the learning curve in DLT. Looking back, we started this whole European crypto-legalization movement which is now spreading to France, Germany, Spain, Italy, and other countries.

June 22nd, 2018, marks the first EURS emission. In 2023, EURS proudly stands as the largest euro-backed digital asset, combining the benefits of the world’s second-most traded currency with the transparency, immutability, and efficiency of distributed ledger technology…

4. Whitepaper, documentation portals, and source code

EURS token whitepaper:

EURS token smart contract code: GitHub - STASISNET/STASIS-EURS-token-smart-contract: Etherscan link

EURS token Ethereum mainnet: $1.09 | STASIS EURS Token (EURS) Token Tracker | Etherscan

EURS token Polygon mainnet: $1.08 | STASIS EURS Token (EURS) Token Tracker | PolygonScan

EURS token Arbitrum mainnet: STASIS EURS Token (EURS) Token Tracker | Arbiscan

EURS token Algorand mainnet: https://algoexplorer.io/asset/227855942

Asset Information

5. Type of asset

STASIS EURS is an Ethereum-based EIP-20 compliant token backed by the fiat currency euro. There is no governance token.

6. How is the asset used and does it give any rights to holders (e.g. financial claims, dividends, governance rights)

EURS is used to enter the crypto market, pay, trade, and is a counter-volatility instrument. It has the biggest euro-denominated pool in DeFi.

7. The market cap

$132,956,665 peak cap at the time of writing, according to STASIS EURO price today, EURS to USD live, marketcap and chart | CoinMarketCap

8. Exchange info

The EURS market is highly supported across both DeFi and CeFi sectors. There is also a gateway available through a Swiss-licensed broker for fixed commissions.

EURS does millions in dollar equivalent in daily volume on and off the chain, with a particularly strong on-chain profile.

EURS has a growing market capitalization on the mainnet Ethereum, Ripple, XinFin, Algorand and Polygon. Due to transparency and use cases, EURS is currently more liquid on DEXes than on CEXes (For example, Curve, Uniswap, etc). The top cryptocurrency exchanges for trading in STASIS EURO are currently HitBTC, Bitfinex, Hotbit. An updated list of exchanges is provided on our product’s website: https://eurs.stasis.net/community.

Business Questions

9. What are the strategic benefits for Gearbox in onboarding the collateral?

EURS is a legally antifragile stablecoin issued in Europe. Having legal opinions from Malta, Germany, the UK, and the USA stating that EURS is not a security and not an E-money instrument, STASIS-issued stablecoin does not increase external risks for the DCS and any user of the token.

As EURS is the largest organic Euro-based stablecoin it will give Gearbox users the potential to loan against the EURO and not only USDC or other crypto bluechips. In addition to this, EURS has multiple pools on Curve with deep liquidity which insure seamless low slippage swaps. Our main Liqudity Pool USDC-EURS has a TVL of over 20 Million. In addition to that, we also have multiple smaller liquidity pools paired with Euro-based stablecoins which would be ideal to be used on Gearbox in the future.

Speaking about the usecases, the token can be utilized in many ways. EURS is a fungible stablecoin that may be accessed in the Eurozone and beyond. EURS may also serve as a digital borrowing instrument. Finally, the token may be used in cross-border corporate settlement and by designated individuals for intercontinental remittance.

Regarding EURS CDP, the token brings a higher level of transparency, stability, and accountability to the project as EURS is 100% collateralized and its fiat reserves can be monitored on our website. The token can be exchanged for fiat through our pool of 11 fiat settlement partners, the full list of which is available on eurs.stasis.net.

STASIS has incorporated a “Sellback” option into the wallet that allows a customer to seamlessly exchange EURS tokens to fiat EUR directly to his IBAN account. Hence, DAI holders will have an opportunity to move into fiat as well. No limit on the Sellback amount after KYC.

Legal Questions

10. Details regarding legal opinions and track record

Multiple legal opinions have been received since 2018: from Malta, UK, Switzerland, Germany and USA.

Moreover, back in 2017, STASIS was part of government task forces in several EU countries. In 2020 the team was a member of the EU Commission-powered association INATBA and participated as an expert in the development of the EU framework for markets for crypto-assets which became the basis for MiCA regulation.

STASIS was also a member of the Maltese government task force to assist with drafting the Virtual Financial Asset Act. The Maltese government officials and regulators asked us to contribute to the legal framework, and we consulted them. Now, according to the VFAA, EURS is identified as a virtual financial asset, and the company is exempted from the appointment of any VFA agent.

EURS is issued by STSS (Malta) Limited (Legal form - LLC) registered in Malta.

Technical Questions

11. Audits of the project. Both procedural and smart contract-focused audits. Tech info

EURS token audits: STASIS EURO - CertiK Security Leaderboard

Transparency and reserve verification: Transparency and reserve verification

The token smart contract has blacklist functions. It is controlled by the multi-sig account.

The token implementation can be upgraded if needed (through the delegating mechanism). The multi-sig account controls the process of token smart-contract upgrade.

12. Commission details

First deposit commission

  • 0–1.000 EUR: zero commission applies only to the first deposit; 100 EUR for all further deposits will be applied;
  • ETH: 1.000–1.000.000 EUR: ETH — 0.1% minimum 100 EUR; other blockchains — 0.1% minimum 10 EUR; (Anything above the amount of 10.000 will be subject to 0.1%. Anything below 10.000 will be 100 EUR minimum for ETH network; 10 EUR minimum for ALGO and POLYGON networks);
  • 1.000.000 EUR and above: 0.25% on all blockchains.

Regular buy/sell transactions

  • ETH: 0.1%, minimum 100 EUR; anything above 1.000.000 EUR/month — 0.25%;
  • ALGO: 0.1%, minimum 10 EUR; anything above 1.000.000 EUR/month — 0.25%;
  • POLYGON: 0.1%, minimum 10 EUR; anything above 1.000.000 EUR/month — 0.25%.

13. Risk monitoring and operations guidelines/policies (e.g., charge-offs, collection, recovery provisions, data collection and technology, etc)

Each client passes KYC/AML procedures to use the STASIS SCB services. The cash reserves are held with licensed financial institutions. These institutions publish daily cash reserves, while BDO verifies the reserves on a quarterly and annual basis. Chainlink provides an online proof-of-reserves feed that can be accessed on an on-demand basis.

The risk-based compliance framework is operated by an officially FINMA-recognized EURS broker, Switzerland. Compliance & AML Policy is based on FINMA instructions on AML/CTF, sanctions violations, and newly developed EU KYC guidance.

3 Likes

I’ve just seen this, and I am new to the forum btw so maybe my opinion is not the most important. But for what I think this may be a great addiction! :+1:

2 Likes

So, this is about to add the eurs token on the platform, right? Anyone of this? Someone already used eurs for swap or even store of value for example (I mean liquidity)?

1 Like

On curve there are a couple of pools with costant volumes, 3eur and the eurs/ageur with volumes +1m. I noticed that there is an increasing number of eurs user around in defi. . if we have success in this proposal we may bring some of these users on gearbox and expand our userbase.

1 Like

EURS is a good choice for us, good platform

1 Like

Yes I’ve seen the stats. But let’s suppose we add Eurs, i think we should focus on the eurs/usdc pool. I mean of this eurs remains stable it is a good gateway for other crypto and for the needs of liquidity, w/o the fluctuation rates of the dollar.
I mean, i am an user form eu, so is better for me to stay liquid in euro instead of in dollar, and a swap pool of this kind will be a good implementation i suppose.

1 Like

And team please can you confirm me this will be added on ethereum chain, right?

Finally a Euro stablecoin!!! Hopefully we will get this done soon!

1 Like
  1. Does EURS has a chainlink (or other oracle)? I think it does not, right?
  2. Do you request to be a borrowable asset or a collateral? Because the title says borrowable, but the text says a collateral.

I assume it would probably be easier to become a collateral at first.

1 Like

Hey!

  1. Yes, EURS has Chainlink’s proof-of-reserves.
  1. You are correct, the header just has a minor issue.
1 Like

What about a price oracle? Similar to how usdc has a price oracle vs USD?

Also, could you please share a link to the proof of reserve oracle contract address?

For reference, here is the ratio between EURS vs USDC price (taken to curve) and the EUR/USD price from real time forex data

EURS is mostly pegged most of the time, but have occasional few % deviation, and it will be risky to have it without a dedicated price oracle.

Sure thing, here you go:

EURS Reserves | Chainlink;

0xbcd05a3e0c11f340cccd9a4efe05eeb2b33ab67a

What is backing the EURS in the Stasis: EURS Treasury account? because the chainlink feed shows only 48m backing, but total EURS circulation is 124m. The difference seems to be the treasury account.