Angle Review 2026: Over-Collateralized Stablecoins and Yield

Angle is a decentralized stablecoin protocol built around over-collateralization. Its main product is agEUR, a stablecoin minted from supported tokens, and it offers perpetuals, yield deposits and collateralized borrowing. DefiLlama lists it in the CDP category, and the project has been listed since November 2021.

The protocol runs on eight chains: Ethereum, Arbitrum, Polygon, Optimism, Avalanche, BNB Chain, Celo and Gnosis. Total value locked is about $1.63 million, down 6.6% over seven days. That is a small footprint for a multi-chain protocol. The company behind the app is shown in the footer as Angle Labs Inc.

The app presents itself as a simple place to buy, swap, bridge or deposit stablecoins and earn passive yield. Its protocol has an ANGLE token, and veANGLE holders govern it. DefiLlama lists two audits.

Angle has two smart-contract modules. In the Core module, users can mint agEUR from any supported token at face value. They can also open perpetuals on collateral and stablecoin pairs, or deposit tokens to earn yield. The system is described as over-collateralized, meaning assets backing the stablecoin are worth more than the stablecoin issued.

The Borrowing module works like a collateralized debt position. A user deposits tokens as collateral and borrows agEUR against them, or uses the loan to gain leverage. If the collateral falls too far in value, positions can be liquidated, which is standard for this design.

Governance belongs to veANGLE holders, who lock ANGLE tokens to vote. The Angle app gives access to these features through one interface for buying, swapping, bridging and depositing stablecoins.

Public sources give only partial fee information. The app footer shows 0% withdrawal fees and one other 0% figure whose label is not captured. Fees for minting agEUR, borrowing, perpetuals and swaps are not stated publicly.

On any chain, users also pay network gas. Protocol fees, borrow rates and yield rates are shown in the app and documentation before a transaction is confirmed, so check them there.

Angle is non-custodial software, so risk comes mainly from its smart contracts, collateral and liquidation mechanics, and oracle design. DefiLlama lists two audits, but the project does not name the auditors or findings. Audits reduce risk without eliminating it, and the multi-chain footprint adds more contracts and bridges to trust.

Public sources mention no incidents or regulatory actions. Small TVL means thinner liquidity, which can matter in stress, particularly for leveraged or borrowed positions that can be liquidated. A stablecoin can also lose its peg. Do your own research and only risk funds you can afford to lose.

Angle is for DeFi users comfortable with wallets and collateralized positions who want euro-linked stablecoin exposure, yield or borrowing across several chains. It is less suited to beginners who have never managed collateral or liquidation risk.