Equilibrium / Selected work / EUROe

EUROe

Smart contracts and onchain infrastructure for EUROe, a regulated, full-reserve, fiat-backed euro stablecoin across Ethereum and Solana.

Acquired
Client Membrane Finance
Ecosystems Ethereum · Solana
Stack Solidity · Rust
Delivered by Equilibrium Labs (now Equilibrium)

Overview

We built the smart contracts and onchain infrastructure powering EUROe, a full-reserve, fiat-backed euro stablecoin issued by Membrane Finance, an electronic money institution (EMI) authorized by Finland’s FIN-FSA, and described as the EU’s first MiCA-compliant euro stablecoin.

We delivered the engineering: the same regulated euro deployed across an EVM chain (Solidity on Ethereum) and a non-EVM chain (Rust and the Solana Program Library (SPL) on Solana), engineered for a 1:1 issuance-and-redemption model where onchain supply tracks fiat reserves. The contracts underwent independent third-party security audits.

Membrane Finance is one of the companies we incubated and spun out, and it was acquired by Paxos in 2024.

The scope of our work is engineering. The MiCA, EMI, and “first” status is Membrane’s; the audits were third-party; we make no claim about reserve backing or security.