EUR / tokenized money market fund

OpenTrade EURC Money Market Fund Vault (Fidelity V4) / Flexible Term EURC Vault

XEVT · issued by OpenTrade (Perimeter Protocol structure). verified

1.73%

published yield

$2.69M

size

allowlist only

can you hold it

The terms

Issuer: OpenTrade (Perimeter Protocol structure)
Jurisdiction: Cayman Islands (issuing vehicle); OpenTrade operates from the UK
Chains: Ethereum, Avalanche C-Chain
Contracts: Ethereum 0x3Ee320c9F73a84D1717557af00695A34b26d1F1d explorer
Avalanche C-Chain 0xBFdEf5e389bB403426337081eCD1D05bC5193203 explorer
Yield basis: APY as displayed by OpenTrade on its own product page for the EURC Money Market Fund Vault, backed by EUR sovereign bonds and EUR money market funds. RWA.xyz separately shows 1.98% 7d/30d APY for the Avalanche XEVT, the two disagree and may refer to different vault versions sharing the XEVT ticker. source
Size: $2.69M source
Minimum: 100 EURC (per RWA.xyz). Not stated in OpenTrade's own docs.
Who may hold it: Retail users are explicitly ineligible. Clients must be high-net-worth individuals, companies, professional clients, sophisticated investors, accredited investors or equivalent. Mandatory KYC/AML/CFT and US/UK/EU/UN sanctions screening. Comprehensively sanctioned jurisdictions (DPRK, Cuba, Iran, Syria, Russia and others) excluded. OpenTrade's docs do not explicitly address US person status. source
Redemption: Requests accepted at any time. Settlement T+0 if the request is made before the 18:00 GMT cut-off, up to a maximum of T+2. Interest accrues daily and compounds. RWA.xyz states withdrawals are processed within 24 hours with 0% subscription and 0% redemption fees. source
Cost to enter: Management fee 0.30% p.a. (RWA.xyz); no subscription or redemption fee. Institutional onboarding and KYC required. Entry and exit are in EURC, so the user also bears EURC acquisition cost and gas.
Transferability: Permissioned. Transfers only between allowlisted wallets.
Secondary liquidity: No DEX or lending-market liquidity found for XEVT. Only 4 holders reported on Avalanche.

What we think you should know

Documentation is internally inconsistent about what actually backs this vault: the V4 vault doc says 99% Fidelity Institutional Liquidity EUR Fund with interest benchmarked to the ECB 3-month euro government bond spot rate, while RWA.xyz describes the same ticker as flexible-term loans benchmarked to German, French and Italian 1-month bonds. Both descriptions exist under one ticker (XEVT) across two chains. AUM is small (~$2.7m) with only 4 holders, so this is a bilateral institutional product wearing a token, not a market. Inception 25 April 2024.

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
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