EUR / yield-bearing stablecoin

Angle Staked EURA (formerly Staked agEUR)

stEUR · issued by Angle Protocol / Angle Labs. verified

not published

published yield

n/d

size

permissionless

can you hold it

The terms

Issuer: Angle Protocol / Angle Labs
Jurisdiction: France (Angle Labs); protocol is decentralised and permissionless
Chains: Ethereum, Arbitrum, Celo, Gnosis
Contracts: Arbitrum One 0x004626A008B1aCdC4c74ab51644093b155e59A23 explorer
Yield basis: Not obtainable. stEUR is a share-price-accruing (ERC-4626-style) wrapper over EURA; the rate is set by Angle governance from EURA backing returns (T-bills, DeFi yield assets, borrower interest). Angle's live rate is only rendered client-side at analytics.angle.money and app.angle.money, which I could not read. Given the announced wind-down, the current rate should be assumed to be at or near zero and must be checked before any allocation.
Size: Not disclosed on any source we could read.
Minimum: No minimum deposit, no lock-up.
Who may hold it: Permissionless. No KYC, no whitelist, no jurisdictional gate at the contract level. source
Redemption: Unstake stEUR to EURA at the prevailing share price at any time with no lock-up and no withdrawal fee. EURA itself is redeemable 1:1 for posted collateral (or exchangeable 1:1 into Circle's offering) at app.angle.money only until 1 March 2027. After that deadline the redemption mechanism is switched off and any outstanding tokens can only be redeemed at a discount. source
Cost to enter: No deposit or withdrawal fees. Gas only. Secondary acquisition via 1inch/Paraswap incurs DEX slippage, which is material given the tiny float.
Transferability: Freely transferable. No allowlist at the token level.
Secondary liquidity: Not established. Arbitrum supply is only 57,645.11 stEUR (~EUR 72k at the ~1.26 share price). Arbiscan reports no established market cap or price data for the token, which implies negligible DEX depth.

What we think you should know

DO NOT ALLOCATE. This is a terminal asset. Angle tokenholders voted unanimously to discontinue EURA and USDA; the protocol states it is 'entering its final chapter' with a hard redemption deadline of 1 March 2027, after which redemption is only at a discount. EURA had fallen to roughly $4m and 10th place among euro stablecoins by the time of the vote, which drew only four votes. The wind-down is confirmed on Angle's own eura and steur pages, so this is verified, not rumour. Historically stEUR was the reference permissionless yield-bearing euro token, its disappearance is the single most important structural fact in this slice, because it leaves no permissionless, non-KYC euro savings token of any scale. Angle's own stated reason is instructive for allocators: 'yield-bearing stablecoins are now essentially a branding layer on top of vaults and lending protocols.' The team has moved to Merkl.

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
EURC deposit on Aave V3 (Ethereum) aEthEURC	EUR	lending deposit	3.46%	$40.30M	permissionless	unverified
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