Usual EUR0

Rejected venues wait the longest for re-review; a rejection has to earn another look before the scheduled date.

EUR0 is Usual’s euro-pegged stablecoin on Ethereum, fully backed by EU-issued T-bills. Government-debt backing puts it in the tokenized-treasury family the registry memos individually, but not at this size: DefiLlama measured $235,198 on Ethereum on 2026-08-16, only 0.24% of the $100M floor. The file remains rejected on materiality before fund, issuer, permissioning, NAV-oracle, buffer, queue, and secondary-peg review.

Kill criteria: the events that revoke this verdict
• TVL sustained above $100M for 30 days

The research file

Materiality mechanism, applied

The threshold is a capacity constraint, not a quality judgment. A $2 million household with a 5-10% crypto sleeve and a 10-40% venue weight implies roughly $10,000 to $80,000 directed here; across 100 similar clients one practice can point $1 million to $8 million at a single venue on the same research. Below $100 million of protocol TVL, that book becomes the exit crush, and TVL itself is a generous capacity proxy rather than a promise of executable withdrawal: utilization, queues, unbonding, bridge depth and token liquidity can all leave less actually withdrawable than the headline figure implies. Small size does not itself indicate weak governance or team quality; the class rule stops short of that judgment because inadequate capacity for this distribution channel cannot be cured by otherwise-strong controls.

Mechanism applicability

EUR0 is minted against euTBL, Spiko’s euro money-market fund invested in short-duration sovereign bills, repos and cash. Direct euTBL minting is permissioned; a permissionless EURC Swapper Engine path depends on available buffer liquidity.

Control and reserve applicability

Usual DAO controls protocol parameters while Spiko, its management company, depositary, administrator, auditor and permission manager control parts of the underlying fund perimeter. Daily NAV and Chainlink infrastructure improve observability but 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 with buffer liquidity and 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 $100M floor. Reopen after TVL stays above $100M for 30 days, then verify reserves, legal rights, NAV, governance, audits, incidents, access eligibility, buffer history and proposed-size redemption.

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 verdict above grades the protocol layer. Every position also inherits the asset it holds and the chain it settles on. The least safe layer sets the position’s grade, and the position table names which one that is.