Aave

Aave v3 EURC

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

$53.56m-23.4%

Supply APY

3.49%+102.91%

A-Rated Protocol

Updated Apr 3, 2026

Risk Rating

A-

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This rating is based solely on publicly available information. 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.

SCS: Smart Contract Security

KMP: Key Management Permissions

M: Market

L: Liquidity

C: Collateral

PM: Protocol Mechanics

ICE: Infra Counterparty Exposures

PCE: Protocol Counterparty Exposures

G: Governance

FR: Financial Resilience

TLC: Team Legal Compliance

DT: Documentation Transparency

Potential Score

Provider risk assessed across Business, Operations, Reliability, and Security.

View the detailed scoring breakdown

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Contract Addresses

aEthEURC

0xAA6e...2CA0

EURCToken

0x1aba...c33c

ACLManager

0xc2aa...4e60

LendingPool

0x8787...a4e2

OracleEURCUSD

0x04F8...DA11

PoolConfigurator

0x64b7...bB27

PoolAddressesProvider

0x2f39...4E9e

Key Strengths

Extensive audit coverage from top security firms with continuous formal verification and a $1M Immunefi bug bounty program
Dual 5-of-9 Guardian multisigs with diverse independent signers (Chaos Labs, Chainlink, Lido, Certora) and timelocked governance execution
100% organic yield from overcollateralized borrower interest with no emissions dependency, driven by EUR-denominated leverage and FX carry trades
EURC is MiCA-compliant with EUR 362.34M reserves at systemically important institutions, monthly Big Four attestations, and growing euro stablecoin market share
Battle-tested through major stress events including record liquidation volumes with zero bad debt in any stablecoin pool across 8+ years of protocol history

Key Risks

EURC secondary market liquidity is thin with limited DEX pool depth, constraining large position exits that require conversion to USD-denominated assets
EURC pool has not yet experienced a major market stress event while operational, leaving pool-specific dynamics under stress untested
Supply concentration risk with a single large supplier holding a significant share of EURC supply, creating vulnerability to single-entity withdrawal shocks
Circle can freeze EURC addresses under legal triggers, and EURC has a shorter track record and smaller market than USDC
Combined backstop reserves at roughly 1% of overall Ethereum TVL, below the optimal threshold and shared across all Aave markets