[EURS] - Stasis Euro stablecoin

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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Hopefully, this gets onboarded in the not too distant future. I think it would be a good form of collateral and a way to differentiate MakerDAO from competitors.

The sticking point for me is lack of confidence in EURS reserves. EUR has negative yield, but EURS does not - this begs the question of how EURS is able to pay for this negative yield cost on their fiat deposits.

The answer I’ve heard is fairly opaque - Stasis invests a portion of funds in high yield/high risk investments to shield EURS from negative rates, but there’s no transparency into the quality and composition of those investments. I don’t see how MakerDAO can earn excess risk adjusted returns on an EURS vault in these circumstances, which helps explain the low prioritization.

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It’s a roadmap for a significant portfolio.

Currently, we just have cash on hand which is reflected in the account statements and BDO’s attestations.

This is not the case anymore, your daily report shows 40% exposure of EURS to corporate and financial issuers. This is quite substantial.

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Enough said. Transparency is still an issue in the stablecoin space even when it comes to the largest players in the field. And our team has been focusing on that since day one.