What is STASIS EURO (EURS)?

EURS is a euro-denominated stablecoin, backed by treasury reserves, that offers institutions, financiers, merchants, companies and retail users access to the on-chain economy through their Euro fiat asset.

EURS was designed by STASIS, a tokenization platform backed by an ecosystem of licensed financial intermediates, lawyers and accountants, whose expertise links the traditional institutional off-chain markets with the new world of decentralized finance. This stablecoin provider aims to freeze volatility and put the wild movements of tokens in, well, STASIS.

STASIS/EURS overview

The STASIS team are pioneers of stablecoin use cases. Since launching in 2017 they have worked as an integral part of the institutional European blockchain ecosystem, bringing use cases such as acquisition, DeFi lending, remittance and corporate settlement to market.

What’s more, the STASIS team were one of the main players in drafting the groundbreaking Maltese cryptocurrency legal framework. They certainly know the European cryptocurrency market from both a technological and legal standpoint. The euro-backed stablecoin created by STASIS aims to raise the quality of asset-backed digital tokens, and capture the most significant market share among its peers.

How Does EURS Keep its Peg?

To guarantee the value of the token, STASIS holds an audited account of reserves in Euro so that it can carry ultimate liability for the EURS token even in the event of an actual economic collapse. Considering UST’s recent collapse, reserve-backed stablecoins are the safest, most secure way to guarantee a stablecoin.

STASIS provides an unrivalled level of reserve transparency, and that investors can remain confident that their digital assets are fully backed by the appropriate collateral. There are daily statements on company accounts, quarterly verification by a Big Four company, and companies seeking to use their services can demand verification of their accounts.

They also have a native stablecoin wallet, for any retail user who would like to on-ramp their Euros into EURS. STASIS Wallet is fully integrated into the Single Euro Payments Area (SEPA) and offers regulated financial institutions in both business-to-business and business-to-consumer markets, a new gateway into cryptocurrencies.

In terms of retaining its peg, EURS — backed by off-chain currency — does a good job. There is minor volatility as it moves through the blockchain economy, and arbitrage bots can always get it back on the peg as they can then go on to redeem their liability with STASIS, themselves.

Why is EURS Useful?

STASIS acts as a professional provider, helping companies holding Euro to quickly deploy their assets in the Web 3.0 economy. They aim to compete with centralized providers of Web 3.0 integration like Libra and Circle, but considering their AUM — their market cap is currently a shade over $100 million — compared to these titans, it’s perhaps a little early to make such comparisons, but they have hardly any competitors with any asset pegged to the Euro, giving them a competitive edge.

In many senses, STASIS is a similar provider of stablecoins to Tether (USDT), except for the Euro fiat currency. Most of the current allocation is integrated as ERC-20 tokens on the Ethereum network, or as tokens using the Polygon network sidechain, known as the Polygon PoS Chain.

It also has a small number of EURS circulating on the Algorand (ALGO) network. To date, STASIS has on-ramped over 500 million euros into the new blockchain economy. It recently announced partnerships with Wirex to facilitate spending, and is now trading on Geco.

As for the reserves that back that liability, they are held by partner institutions like Mori Hamada and Matsumoto, Tiang and Partners, Bingo, Kingdom Trust, and PrimeTrust. These institutions guaranteed the value of the tokenized asset and gave credibility to the value of the token on the Ethereum blockchain.

Who Can Use EURS?

EURS is compatible with all ERC-20 addresses, but holding it in your wallet can be tricky. Not all wallets are currently capable of displaying EURS effectively, but like all ERC-20 tokens, it’s the address that matters. Over time, by STASIS continuing to build relationships, market cap, and demand for their stablecoin, more wallets are likely to be able to display it effectively.

Stablecoins are essential in times of volatility. Stable notions of value are needed for humans to transact their sense of societal worth securely and for people to be confident that their investment won’t disappear overnight. STASIS, by providing EURS, offers an asset-backed on-ramp into the blockchain economy that is built to stay in line with all government regulations and to serve the needs of institutional customers looking to deploy their Euro assets in the space.

Currently, EURS is the largest stablecoin pegged to the world’s second most-traded currency and ranks as a top-10 stablecoin globally, accumulating tens of thousands of users in its global communities. Moreover, STASIS reports that EURS stablecoin reserves have reached 100 million Euro in fiat, representing a 3x growth over the last year. Finally, the token’s smart contract has been upgraded to V2 for more efficient performance in the emerging Decentralized Finance field.

How can I get EURS?

Getting EURS is easy on Numio. You can use your credit or debit card to purchase ETH or USDC, which can then be exchanged for EURS*, you can swap or trade it for other ERC-20 tokens (up to 100x cheaper than other wallets), and you can send or receive it as a payment. Whatever way you choose you can be sure that you are always in full control of your EURS.

*L2 trades for other tokens coming soon