[EURS] - Adding crypto Euro to MCD

Hi!

We are STASIS team, and we are excited to submit our application to include EURS in MCD.

We have tried to answer every question as thoroughly as possible, but if you have any additional questions, please ask in the comments!


Technical Specifications

1.What is the token contract address?

https://etherscan.io/address/0xdb25f211ab05b1c97d595516f45794528a807ad8

2.Where can the source code be viewed?

https://etherscan.io/token/0xdb25f211ab05b1c97d595516f45794528a807ad8#readContract

https://github.com/STASISNET/STASIS-EURS-token-smart-contract

3.Which token standard does your token comply with?

ERC-20

4.Does the token have any special mechanics for handling forks?

N/A

5.My token fits with the following Dai Credit System adapter: 1) GemJoin; 2) I will supply my own adapter contract. Input reference below.

EURS supports GemJoin. STASIS is capable to develop its own adapter contract, if necessary.

6.Has the token passed formal verification?

No.

7.Technical audit

The technical audits are provided by the leading cybersecurity firms such as Certik and Coinfabrik.

EURS Audit Folder Link


Financial Specifications

Overview Questions

1.Please provide a short summary of your project.

EURS is the biggest ex USD stable coin, at the time of the writing EURS has 32 million issued EURS tokens. All the tokens are backed by fiat euro cash reserves on a 1:1 basis. The reserves are reported daily, and are audited on a weekly basis. The issuer publishes its audited annual financial statements. EURS and Issuer’s auditor is a top 5 global audit firm, BDO. The reports can be accessed here: https://stasis.net/transparency/.

Currently, STASIS issues and distributes EURS via its liquidity providers, who consist of a number of licensed payment institutions, a broker, and several regulated crypto-fiat exchanges. Not only cash is used to buy EURS, but also crypto assets and securities thanks to our partners who process such transactions, converting financial assets into fiat euro.

Additionally to current 11 fiat settlement partners, we have launched a direct EURS purchase (https://stasis.net/sellback/accounts/login/?next=/sellback/)

2.Please list the founding members.

Gregory Klumov (https://www.linkedin.com/in/kknop/)

3.What type of crypto asset is it (utility, work, governance, etc)?

EURS is an asset-backed token, whose underlying asset is the european currency, euro.

4.If native crypto asset, which category (utility, work, governance, etc)?

EURS is an asset-backed token, whose underlying asset is the european currency, euro.

5.What is the token’s usage in the project? How is the token utilized?

EURS is a euro-pegged stablecoin that is beneficial to MKR holders in many ways since it is a legally antifragile stablecoin issued in Europe. Having legal opinions from Malta, Germany, the UK, and the USA stating that EURS is not a security and not an e-money instrument, EURS does not increase external risks for the DCS and any user of the token.

The token can be utilized in many ways. EURS is a fungible stablecoin that may be accessed in the Eurozone. EURS may also serve as a digital borrowing instrument. Finally, the token may be used in cross-border corporate settlement and by designated individuals for intercontinental remittance.

EURS brings stability to DAI peg due to its inherent nature of being pegged to EUR, making the DCS robust and sustainable.

Regarding EURS CDP, the token brings a higher level of transparency, stability, and accountability to the project as EURS is 100% collateralized and its fiat reserves can be monitored on our website. The token can be exchanged for fiat through our pool of 11 fiat settlement partners, the full list of which is available on eurs.stasis.net.

In 2018 DAI was integrated into STASIS Wallet and can be exchanged for EURS therein. STASIS is incorporating a “sellback” option into the wallet that will allow a customer seamlessly exchange EURS tokens to fiat EUR directly to his IBAN account. Hence, DAI holders will have an opportunity to move into fiat as well. No limit on the sellback amount after KYC.

Issuance - Bearer Assets

1.What was the date of the ICO?

There was no ICO for EURS

2.What was the initial price and valuation?

N/A

3.How much capital was raised (in USD and crypto terms)?

N/A

4.What was the token distribution breakdown?

N/A

5.Are any tokens on a vesting schedule? If so, what is that schedule? Describe any related vestiture limitations.

N/A

6.What are the circulating and total supply of the token?

Circulating supply: 31 979 207 EURS

Total supply: 31 979 207 EURS

7.What is the wallet address of the treasury?

0x2ebbbc541e8f8f24386fa319c79ceda0579f1efb

8.How much of the ICO raise was converted into fiat?

N/A

9.Were there any pre-ICO seed investors? Who and what were their respective allocations?

N/A

Fundamentals

1.Please link to the whitepaper and/or pitch deck related to the token.

Pitch deck link

2.Please link to the most updated roadmap for your project.

https://drive.google.com/file/d/1LGrssGQn6t38rTaPmKHAn840RBuP20fd/view?usp=sharing

3.How many employees and contractors does your project have?

20 employees

4.What is the monthly burn rate?

Not disclosed.

5.What is the strategy for treasury management?

Issuing and managing of EURS is performed by an independent special purpose vehicle whose sole purpose is to administer EURS issuance; the vehicle does not have any other duties or obligations to third parties. The cash reserves are held with the financial institutions (payment institutions, brokerage firms, EMI companies, and other regulated custodians) who segregate these assets as required by applicable laws.

EURS utilizes a decentralized custodian system with different institutions who provide segregated accounts. This accountable approach is the safest among those available to digital asset issuing entities like STASIS.

Holding cash in a traditional bank account is risky as the bank does not segregate client’s assets and insurance does not cover more than a certain amount of client’s savings. In the EU bank accounts are covered only up to €100,000 by deposit insurance systems.

As a result, our counterparty risk is low as we hold fiat with multiple partners, some of which are subsidiaries of local central banks, meaning that holding reserves with them is almost risk-free.

Finally, our fiat reserves have a high level of protection from governmental seizure. Since we hold no more than 5% of our reserves with each financial partner, the government would have to freeze all assets of the respective financial institution. Total asset freeze would lead to unwanted legal liabilities for a government. Hence, our fiat reserves are highly protected from seizure risk.

Markets

1.Which exchanges is your token listed on?

EURS is listed on +25 including Tokens.net, Bitfinex, OkCoin, HitBTC, DSX, IDEX, Kyber Network, and many others. A list of exchanges is provided on our website: https://eurs.stasis.net/community/

2.Are you aware of any paid market makers for your asset?

STASIS does not pay for EURS market making services.

3.Does your token have custodial support? Where/with whom? Please provide a copy of the custodial agreement if available.

Yes, EURS has a custodial support with BitGo, Kingdom Trust, and Prime Trust. Those arrangements are available for the Issuer and its key partners

Community

1.Please link your email, Telegram, subreddit, Discord, Twitter, Medium.

https://twitter.com/stasisnet

https://t.me/STASIS

https://medium.com/stasis-blog

2.What is the website of your project?

https://eurs.stasis.net/


Legal Specifications

1.Who is the token issuer (if any)?

STSS (Malta) Limited

2.Do you have legal representation related (1) to the issuance of the token, (2) regulatory requirements regarding the token, or (3) otherwise? If so, whom?

The Issuer is advised by Ganado Advocates in Malta. Moreover, DWF Germany, REIBEN&VELVIS, and Collyer Bristow have provided us with memorandum opinions regarding EURS status in Germany, the US, and the UK, respectively.

3.What is the regulatory status of the token? Please provide relevant documentation (e.g., legal opinions, prospectuses, public disclosures, filing documents, etc.).

EURS is regulated under the laws of Malta.

Legal opinion, proving EURS is not e-money or security, of outside counsel is available for parties willing to sign an NDA.

4.Are there any rights associated with the token that do not follow from its technical implementation or technical ramifications of the system in which the token is used? If so, what are they? How are they enforced? Please provide documentation memorializing these rights.

Upon its initial purchase the tokens are governed by the terms of the token binding on the initial purchaser.

5.In what jurisdiction(s) was the token issued? Please provide all filings and public documents related to the token’s issuance.

EURS are issued in Malta.

No public filings or public documents are associated with their issuance other than the filing of a statutory white paper with the MFSA in Malta.

6.Was the token issued as part of a regulatory process (e.g., securities offering)? If so, under which law, rule and/or regulation was the token issued? Please provide all documents related to this regulatory issuance process (to the extent not already provided in response to the above).

The tokens were issued in Malta. Necessary documents can be provided after signing an NDA.

7.Was the token issued as part of the fundraising process for your project? If yes, who are the investors and how much equity do they respectively hold?

No.

8.Please describe the corporate and legal structure of the project/system/product in which the token is used.

STSS (Malta) Ltd is the tokens’ issuer, 100 per cent of the shares in which are owned by STSS Limited, a company registered in the Isle of Man. All of the shares in STSS Limited are owned by Stasis Foundation.


We are also the first mobile wallet with DAI support and direct exchange to BTC and ETH!
Please watch the video!
https://youtu.be/JLdj6H5gOXs

5 Likes

Hi @Rusl_Bagau and welcome to the whole STASIS team,

We will review your application but we have to admit we are slightly snowed under at the moment.
If you do not hear from us within a few weeks it is not due to your application but simply due to our processes.