Aave v3 EURC DeFi Yield & Risk Rating
Aave v3 EURC is a lending pool on Ethereum for supplying and borrowing EURC, Circle's MiCA-compliant EUR stablecoin. Yield comes from overcollateralized borrower interest payments, driven by EUR-denominated leverage and FX carry trade demand.
AUM
$45m
Net APY
2.37%
Active Users
754
Type
Lending
Network
Ethereum
A-
Qualified GradeCeiling AA
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CurrentPotential
This rating is based solely on publicly available information. DeFi protocol risk assessed across Security, Strategy and Operations on the AAA–D scale. The range from A- to AA reflects the gap between the current assessment and the potential rating achievable if all identified improvement areas are addressed.
SCSSmart Contract Security100
KMPKey Management Permissions91
MMarket100
LLiquidity78
CCollateral100
PMProtocol Mechanics85
ICEInfra Counterparty Exposures92
PCEProtocol Counterparty Exposures100
GGovernance100
FRFinancial Resilience87
TLCTeam Legal Compliance93
DTDocumentation Transparency100
Performance
Assets Under Management · 30D▲ 0.76%
$45m
Over the last 30 days, the total value of Aave v3 EURC has grown 0.76% with $343.82K in inflows.
Supply APY · 30D▼ 20.20%
2.37%
Over the last 30 days, the APY has decreased from 2.97% to 2.37%.
Active Users · 30D▼ 0.26%
754
Over the last 30 days, active users have decreased by 0.26%, reaching 754 wallets.
Market Details
ChainEthereum
Treasury$388.00M
Code AuditsOpenZeppelin ↗Trail of Bits ↗Sigma Prime ↗Certora ↗PeckShield ↗Sherlock ↗MixBytes ↗Pashov ↗
Oracles UsedChainlink EURC/USD Price Feed ↗Chainlink CAPO ↗
Stated Withdrawal TimeInstant
Component Ratings
Contract Addresses (7)
Key Strengths
S1Extensive audit coverage from top firms with continuous formal verification across protocol versions and a funded bug bounty program
S2Two 5-of-9 guardian multisigs with diverse independent signers and timelocked governance execution for both standard and critical changes
S3Fully organic yield from overcollateralized borrower interest with no emissions dependency; borrowing demand driven by euro-denominated leverage and FX carry trades
S4EURC is MiCA-compliant with euro reserves held at systemically important institutions, monthly Big Four attestations, and a leading share of the euro stablecoin market
Key Risks
R1EURC secondary market liquidity is thin, constraining large position exits that require conversion into USD-denominated assets without material slippage
R2The EURC pool is a recent addition and has not yet experienced a major market stress event; its thin market, supply concentration and FX sensitivity remain untested under stress
R3Supply concentration risk, with a large share of pool supply held by a single depositor, creating vulnerability to withdrawal shocks
R4Circle can freeze EURC addresses under legal triggers such as court orders and sanctions compliance; EURC has a shorter track record and far smaller market than USDC
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