EUR / lending deposit

EURC deposit on Aave V3 (Ethereum)

aEthEURC · issued by Aave DAO (protocol); EURC issued by Circle. unverified

3.46%

published yield

$40.30M

size

permissionless

can you hold it

The terms

Issuer: Aave DAO (protocol); EURC issued by Circle
Jurisdiction: None (protocol); Circle is US/EU-regulated as EURC issuer, EURC is a MiCA-compliant EMT issued from France
Chains: Ethereum
Contracts: No contract address could be established from public sources. That is a disclosure gap on the issuer, and it is recorded as one.
Yield basis: Supply APR, variable, excludes historical incentives. Corresponding borrow APR 4.85%. source
Size: $40.30M source
Minimum: None.
Who may hold it: Permissionless. No KYC at the protocol level. Circle can freeze EURC at the token level. source
Redemption: Withdraw EURC at any time subject to reserve utilisation. Aavescan reports 35.0m EURC supplied on Ethereum; if utilisation spikes toward 100% withdrawals are blocked until borrowers repay or rates rise enough to attract supply. Interest accrues continuously in the aToken balance. source
Cost to enter: Ethereum mainnet gas (non-trivial for small tickets) plus EURC acquisition cost/spread. No protocol deposit fee.
Transferability: Freely transferable. No allowlist at the token level.
Secondary liquidity: $40.30M. $40.3m supplied is itself the liquidity; the aToken is freely transferable and redeemable 1:1 for EURC subject to utilisation.

What we think you should know

This is the largest EUR yield venue that a US person or any unaccredited party can actually access, and at 3.46% it out-yields every regulated tokenized euro MMF in this list (EUTBL 2.21%, eurSAFO 2.54%, XEVT 1.73%), which should be a red flag, not a selling point. The excess over the euro risk-free rate is compensation for Aave smart-contract risk, EURC issuer/depeg risk and utilisation risk, not for duration. EURC itself pays no interest to holders; all of the yield comes from borrower demand. Rate and size come from Aavescan, a third-party Aave data site; I could not read Aave's own front end (JavaScript-rendered) and therefore did not confirm at source, hence the unverified label. I did not obtain the aToken contract address and am reporting none.

Sources

Other EUR instruments

Instrument	Ccy	Type	Yield	Size	Access	Confidence
Spiko Amundi Overnight Swap Fund (EUR share class) eurSAFO	EUR	tokenized money market fund	2.54%	$938.05M	allowlist + KYC	verified
Spiko EU T-Bills Money Market Fund EUTBL	EUR	tokenized money market fund	2.21%	$898.50M	allowlist + KYC	verified
Backed GOVIES 0-6 months EURO Investment Grade bC3M	EUR	tokenized government debt	not published	$9.94M	not established	unverified
EURC deposit on Aave V3 (Base) aBasEURC	EUR	lending deposit	2.51%	$8.99M	permissionless	unverified
OpenTrade EURC Money Market Fund Vault (Fidelity V4) / Flexible Term EURC Vault XEVT	EUR	tokenized money market fund	1.73%	$2.69M	allowlist + KYC	verified
Moonwell Flagship EURC (Morpho Vault) mwEURC	EUR	lending deposit	not published	$1.09M	permissionless	verified
Etherfuse EUROB Stablebond EUROB	EUR	tokenized government debt	1.92%	$399	not established	verified
OpenTrade EURC Collateralised Loan Obligations Vault XECLO	EUR	other	not published	$0	allowlist + KYC	verified
AMUNDI FUNDS CASH EUR - J28 EUR DLT (C) J28 EUR DLT (C)	EUR	tokenized money market fund	not published	n/d	not established	verified
BlackRock ICS Euro Government Liquidity Fund OnChain	EUR	tokenized money market fund	not published	n/d	allowlist + KYC	unverified
BlackRock ICS Euro Liquidity Fund OnChain	EUR	tokenized money market fund	not published	n/d	allowlist + KYC	unverified
Angle Staked EURA (formerly Staked agEUR) stEUR	EUR	yield-bearing stablecoin	not published	n/d	permissionless	verified