What is agEUR (AGEUR)?

Quick Facts

  • Issuer: Angle Protocol, a decentralized stablecoin protocol
  • Peg: 1:1 to the Euro (€)
  • Launched: November 2021 on Ethereum mainnet
  • Also known as: EURA (rebranded from agEUR in March 2024)
  • Governance: Angle DAO, governed by ANGLE token holders
  • Deployed on: Ethereum, BNB Smart Chain, Base, and other chains
  • Audited by: Chainsecurity, Sigma Prime, and Code4rena

Introduction

agEUR — later rebranded to EURA — is a decentralized, over-collateralized Euro stablecoin created by Angle Protocol. It was designed to bring a reliable, censorship-resistant Euro-pegged asset into the DeFi ecosystem, free from reliance on traditional banks or custodians.

Unlike centralized Euro stablecoins that depend on fiat reserves held in banks, agEUR is fully backed by crypto collateral managed transparently on-chain.

History & Background

Angle Protocol launched in November 2021 with agEUR as its first stablecoin, targeting the largely underserved Euro-denominated segment of DeFi. The protocol was co-founded by Pablo Veyrat and built by a team of engineers and blockchain experts.

In March 2024, the protocol's governance voted to rebrand agEUR to EURA, aligning its name with major stablecoin conventions. The token contract address remained unchanged during the rebrand.

How agEUR Works

Angle Protocol uses a three-agent model to maintain the stability and collateralization of agEUR:

  • Stable Seekers — users who mint agEUR by depositing supported collateral at oracle price, with no slippage.
  • Hedging Agents (HAs) — traders who open leveraged perpetual positions, absorbing the volatility risk of the protocol's collateral reserves.
  • Standard Liquidity Providers (SLPs) — users who deposit extra collateral into the protocol's reserves in exchange for a share of fees and yield strategies.

To determine the Euro's value, the protocol uses oracle feeds from Chainlink and Uniswap V3. This multi-agent design ensures the system stays over-collateralized even during periods of market volatility.

Tokenomics

agEUR is minted and burned at a 1:1 rate against accepted collateral at oracle value, making it fully redeemable at any time. Fees generated from minting and burning are distributed to liquidity providers and the protocol's insurance fund.

Holders can stake agEUR (EURA) for stEUR, unlocking a native Euro-denominated yield derived from the protocol's on-chain reserve strategies. The ANGLE governance token controls protocol parameters, collateral whitelisting, and fee structures.

Circulating supply ? 20.95 million AGEUR
Reserved supply ? 0 AGEUR
Burned
0x0000000000000000000000000000000000000001
0 AGEUR
Total supply ? 20.96 million AGEUR
Max supply ? -- AGEUR
Updated 3w ago

Ecosystem & Use Cases

agEUR is used across a wide range of DeFi applications:

  • Liquidity pools — Providing agEUR in AMMs to earn trading fees and incentives
  • Borrowing — Depositing collateral to borrow agEUR against volatile or yield-bearing assets
  • Savings — Staking for stEUR to earn a native Euro yield
  • Cross-border payments — Sending Euro value globally without intermediaries

Angle Protocol also employs Algorithmic Market Operations (AMOs) to boost agEUR liquidity across external protocols.

Team, Governance & Community

Angle Protocol is governed by its Angle DAO, where ANGLE token holders propose and vote on protocol upgrades, collateral risk parameters, and fee settings. All governance proposals are published publicly on Snapshot.

The protocol's smart contracts are open-source and have been audited multiple times by reputable security firms.

Advantages

  • Decentralized and censorship-resistant — no reliance on banks or custodians
  • Over-collateralized — reserves exceed outstanding stablecoins for added security
  • Capital efficient — full convertibility at oracle price with minimal slippage
  • Native yield — holders can earn Euro-denominated returns via stEUR
  • Multi-chain — deployed across Ethereum, BNB Smart Chain, Base, and more

Risks & Challenges

  • Collateral volatility — sharp crypto price drops can stress the collateral system
  • Smart contract risk — despite audits, on-chain protocols carry inherent code risk
  • Oracle dependency — price feed failures could disrupt stability mechanisms
  • Protocol wind-down — Angle Protocol has announced it is entering a final chapter, with full redemption of stablecoins available until early 2027
  • Regulatory uncertainty — Euro stablecoins face evolving regulation under frameworks like MiCA

Long-Term Vision

Angle Protocol was built with the ambition of becoming a multi-currency stablecoin hub, expanding beyond the Euro to cover other major Forex currencies. Its capital-efficient, modular architecture was designed to underpin a new generation of DeFi-native fiat alternatives — combining on-chain transparency with the stability expectations of traditional finance.

Frequently Asked Questions

agEUR (also known as EURA) is a decentralized Euro-pegged stablecoin issued by Angle Protocol. It is fully over-collateralized and backed by crypto collateral managed transparently on-chain.

agEUR maintains its peg through full convertibility at oracle price — users can always mint or redeem agEUR 1:1 against accepted collateral. Oracle feeds from Chainlink and Uniswap V3 provide reliable Euro price data.

EURA is simply the new name for agEUR, following a governance-approved rebrand in March 2024. The underlying token contract address remained unchanged.

Holders can stake their agEUR (EURA) to receive stEUR, which accrues a native Euro-denominated yield. This yield is generated from the protocol's reserve strategies and fees.

Angle Protocol is governed by the Angle DAO, made up of ANGLE token holders. They vote on protocol upgrades, collateral parameters, and fee structures via public proposals on Snapshot.

Yes. agEUR is deployed on Ethereum, BNB Smart Chain, Base, and several other networks, making it accessible across the broader DeFi ecosystem.

Key risks include crypto collateral volatility, smart contract vulnerabilities, and oracle feed reliability. Users should also note that Angle Protocol has announced a wind-down, with redemptions available until early 2027.

Unlike custodial Euro stablecoins backed by bank reserves, agEUR uses on-chain crypto collateral and is governed by a decentralized DAO. This makes it censorship-resistant and transparent, without reliance on traditional financial institutions.