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
$46m
Net APY
1.97%
Active Users
1k
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▼ 14.84%
$46m
Over the last 30 days, the total value of Aave v3 EURC has dropped 14.84% with $8.03M in outflows.
Supply APY · 30D▼ 38.82%
1.97%
Over the last 30 days, the APY has decreased from 3.22% to 1.97%.
Active Users · 30D▲ 0.00%
1k
Over the last 30 days, active users have increased by 0.00%, reaching 1.0K 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
Smart Contract0xAA6e...B82CA0
EURCToken0x1aba...1bc33c
ACLManager0xc2aa...4f4e60
LendingPool0x8787...4fa4e2
OracleEURCUSD0x04F8...56DA11
PoolConfigurator0x64b7...9EbB27
PoolAddressesProvider0x2f39...d94E9e
Key Strengths
S1Extensive audit coverage from top security firms with continuous formal verification and a $1M Immunefi bug bounty program
S2Dual 5-of-9 Guardian multisigs with diverse independent signers (Chaos Labs, Chainlink, Lido, Certora) and timelocked governance execution
S3100% organic yield from overcollateralized borrower interest with no emissions dependency, driven by EUR-denominated leverage and FX carry trades
S4EURC is MiCA-compliant with EUR 362.34M reserves at systemically important institutions, monthly Big Four attestations, and growing euro stablecoin market share
Key Risks
R1EURC secondary market liquidity is thin with limited DEX pool depth, constraining large position exits that require conversion to USD-denominated assets
R2EURC pool has not yet experienced a major market stress event while operational, leaving pool-specific dynamics under stress untested
R3Supply concentration risk with a single large supplier holding a significant share of EURC supply, creating vulnerability to single-entity withdrawal shocks
R4Circle can freeze EURC addresses under legal triggers, and EURC has a shorter track record and smaller market than USDC
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