Usual EUR0 Review 2026: Euro Stablecoin Backed by EU T-Bills

Usual EUR0 is a euro-denominated stablecoin from the Usual protocol. DefiLlama describes it as fully backed by EU-issued T-Bills and classifies it under real-world assets. It is deployed on Ethereum and has been tracked since February 2026.

Usual's wider pitch is that stablecoin issuers keep most of the value they generate, and that its model returns it to users through the USUAL token. Its better-known product is USD0, a dollar stablecoin backed by tokenized US Treasury Bills, with a staked version called bUSD0 or USD0++.

EUR0 is small. DefiLlama shows about $229,000 in TVL and a 0.6% change over seven days. Anyone considering it should treat it as an early-stage product from a protocol with a mixed track record, including a January 2025 depeg of USD0++ after a redemption rule change.

A stablecoin like EUR0 aims to hold a steady value, here one euro. According to DefiLlama, it does this by holding EU-issued T-Bills as backing. Each token is meant to be matched by reserve assets of equal euro value, so holders can in theory redeem at par.

The Usual protocol presents itself as a decentralized issuer that turns tokenized real-world assets into composable stablecoins. Its flagship USD0 aggregates US Treasury Bill tokens, and the homepage says it is backed 1:1, permissionless and supported by an insurance fund. EUR0 is the euro counterpart, although its homepage does not describe its mechanics in detail.

The protocol also has a USUAL token for governance and revenue sharing. The idea is that income from the reserve assets is shared with the community instead of being kept by a central issuer. The exact split for EUR0 and how yield reaches holders are not detailed in the material reviewed.

The material reviewed does not publish mint, redeem or protocol fees for EUR0. Users would see any charges in the Usual app and in the project's documentation before confirming a transaction.

On-chain use also involves Ethereum network gas, and swapping on a decentralized exchange adds pool fees and slippage, which matter more when liquidity is thin.

The Usual homepage lists audits by Paladin, Halborn, Spearbit, Cantina and Sherlock for the protocol, and says USD0 is backed by T-Bills and an insurance fund. DefiLlama lists no audits against the EUR0 entry, so it is unclear which audits cover EUR0 contracts. Read the audit reports and documentation directly.

The main risks are the usual stablecoin ones: smart-contract bugs, failure or delay at the underlying T-Bill issuers and custodians, redemption limits, and loss of the peg in thin markets. In January 2025, USD0++ depegged and USD0 supply fell by roughly $340 million in four days after a redemption policy change. The protocol then added fixes such as 1:1 unstaking and revenue sharing. EUR0 is a different token, but it shares the same issuer and governance.

The regulatory status of EUR0, including any licences or registrations in the EU, is not published in the material reviewed. Check the transparency pages and your local rules before holding significant amounts.

EUR0 is for crypto users who want euro exposure on Ethereum and are comfortable researching a newer issuer. It may interest holders of USUAL who follow the protocol. It is less suited to anyone who needs deep liquidity, a regulated e-money product or a long operating record.