[EURS] - Stasis Euro stablecoin

@iammeeoh,

I am based in Europe and getting anything crypto properly set up both legislatively and with regards to banking can be next to impossible.

So +1 to Stasis for getting this rolling no matter what.

With regards to Stasis risk the statement

will need to be doublechecked with BDO. As long as the collateral is real I am OK with almost anything. It is better than Tether.

Malta dodgy? Yes. But at least they are willing to do business. Golden passports? That has been going on for years and as far as I know it is possible to purchase both UK and US citizenships so I would not worry too much about that. If you are a plus size investor from a shitty country some EU passports are literally a golden chance to secure your wife and kids an exit opportunity in case of “issues”. I would do the same.

well I guess that depends on where you are based. If you live in Ukraine then Lykke might not be available.

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Absolutely.

But, here we are discussing the benefits and the risks of adding EURS to the collateral lists, not about the difficulties in the Euro Zone.

So +1, +2, +3, kudos, bravo, congrats to Stasis. Sure.

But, again, why should add a ~35m cap centralised (in Malta) stablecoin without much growth in the last few months (possibly carrying some risk)?

I would also do the same. But I just don’t see how this has anything to do with the discussion.

My link just pointed out that: the European Commission launched infringements procedures against one of the core business mentioned by @Gregory_Klumov.

I have no moral judgment of any sort on ‘golden passports’.

Again, I don’t get this comment.

My point was not that Lykke is better than Stasis (I do not hold this opinion btw). I simply wanted to point out a self-assessment (‘we are the best’) made by Stasis, which I do not find very interesting/useful for the discussion in this thread.

We see no trouble setting Malta as a launchpad for EURS. The STASIS team has been at the forefront of stablecoin operations and the EU zone’s regulatory landscape, developing the EURS cryptocurrency with a strong focus on regulations since day one. So we have been successfully operating in a self-regulated form for more than three years. STASIS EURS currently stands as the largest non-USD stablecoin on the market, being the only big four-audited issuer and providing substantial transparency of our operations.

It’s worth noting that since 2017, more than 200 teams worldwide have announced stablecoin developments, but very few projects managed to deliver a working product. STASIS EURS currently stands as the largest non-USD stablecoin on the market, being the only big four-audited issuer and providing ultimate transparency of our operations.

It’s well known that people have a strong preference for a unit of account correlated with balance sheet currency. Most of the existing customers are EU consumers eager to experiment with well-known assets like Bitcoin or Ethereum and decide to start with euro stablecoin as it’s free of the burden of harsh volatility.

The global crypto community still continue to count their wealth in dollars, so it’s not a surprise that USD-backed stablecoins experience tremendous increase alongside the stablecoin market growth. Our efforts are directed towards changing this mentality.

Because EURS is one of the most transparent solutions in the stablecoin market segment due to audits and reserve transparency outlined about - qualities that many projects fail to deliver. Meanwhile, the high speed of asset growth can’t be considered as a non-risk mark.

Besides, when it comes to growth, it’s worth noting the demand for yield on EURS since our stablecoin holders accumulated enough tokens to represent the top 10 pool by liquidity in DeFi space - Uniswap:

EURS stablecoin is being regarded as a reliable instrument for long-term holding to shield from traditional crypto market disasters. Currently, observed volatility works as a conviction for investors to stick to the stablecoin field and their balance sheet currency.

Speaking of transparency & growth, it’s worth to remember the infamous story of GUSD, where certain actions taken by Gemini to boost GUSD adoption have had unintended impacts in practice. In a bid to capture market share, Gemini issued roughly 1 percent discounts on GUSD in 2018 to OTC desks and market makers, who were then made to agree on restrictions that would bar them from immediately redeeming the assets.

According to the trader based in Latin America, Gemini pitched the company on a discount deal that offered his firm the ability to buy tokens at below market value. (The company declined because the desk wanted to obtain GUSD so that it could be transferred to fiat.) When the desk later acquired GUSD from its own network, the trader said he was warned by Gemini staff that redeeming millions of dollars would harm the stablecoin.

More story here:

Now a very liquid EURS/sEUR bridge on Curve. With sEUR you can trade on-chain via kwenta for all sorts of assets, can exit into sUSD-> USD stablecoins. (sETH->ETH, sBTC->BTC)

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Would love to see this collateral finally onboarded.

I don’t know why we need that collateral when we can launch EUR-DAI backed by ETH and have immediately a greater MCap than EURS.

A PSM-EURS would be great to stabilize EUR-DAI.

I agree. For the DAi system, it doesn’t make much sense. The market cap is still very low and I doubt people would use it to short the $.

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I was going to say something like that, but how do we go about implementing a PSM with a non-stable price target?

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I was thinking a DAI system ported for tracking EUR. EURS can be our USDC for €.

It wouldn’t help DAI (the one pegged to USD).

This EURDAI token would need to allow negative interest rates, right? Since the euro has negative interest rates.

Hello again, Maker community!

It’s been a while. We’ve been busy with further development and exploring the DeFi area. Moreover, EURS has been upgraded to 2.0 version and audited by CertiK!

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Hello everyone.

It’s been some time since the community voted in favor and then the process stalled due to “domain teams”.
We answered all questions, upgraded sc, mc has doubled.

Where do we stand with MCD inclusion, please?

The collateral prioritization sheet can be found here: Collateral Framework Official - Google Sheets

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Dear MakerDao community! It’s really been quite a while since last summer’s proposal has been listed. Our community thrives and often asks about EURS onboarding on MD.

We realize that the main problem was associated with the risk of our smart contract back in the day, as it is also designated in the collateral prioritization sheet above. Not denying that, we want to outline that the STASIS team upgraded EURS smart contract a month ago (I’ve shared the links in my previous post), so the aforementioned risk is now gone. We honestly believe that these circumstances must be taken into account, and our priority in the line should grow higher now (EURS is taking the 64th position at the moment).

Looking forward to knowing community and domain teams’ opinions.

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Might want to talk to @SebVentures about the possibility of collaborating on eurDai. I could see EURS being used in a Euro PSM in the medium future and the collaboration between the 2 parties would be consequential.

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Also, can you please supply the most recent Audit Reports since the smart contract update for the community to view? TY in advance!

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Surething. Well, CertiK shared the latest audit not so long ago - in April 2021.

You can check it in PDF format along with other information here:

Hope it answers your question!

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Moreover, check the “EURS Token V2:
Response to Audit Points” article available here:

https://medium.com/stasis-blog/eurs-token-v2-response-to-audit-points-bf658323b2a2

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