Hello Moonwell Community,
I’m happy to present the following proposal for a new addition to Moonwell’s Base deployment: EURC, a euro backed stablecoin developed by Circle. The EURC token was recently deployed on Base as of August 1st. As such, I believe it would be beneficial to create an asset listing for it and be one of the first lenders to offer EURC access.
General
Euro Backed Stable Coin (EURC):
EURC is Circle’s Euro-Backed stablecoin, one of the first mainstream euro stablecoins to be released. EURC is issued by Circle and alongside Circle’s flagship token, USDC. EURC is launching across multiple ecosystems, notability: Ethereum, Avalanche, Solana, and Stellar. The euro is one of the most significant fiat currencies in the current traditional financial system. The EURC is regulated and may be redeemed 1:1 for euros. Additionally, the EURC can be used for cross-border payments.
Benefits to the Moonwell Community
Listing the EURC stablecoin on Moonwell would be beneficial to the protocol by expanding the range of stablecoin options and enhancing protocol liquidity. Since the stablecoin is backed by the euro and is issued by Circle, it falls within Moonwell’s standards for compliance and security.
Resources and Socials
Circle Social Channels Metrics (Size, activity and growth).
- Twitter Following: 184000 followers
- Discord Community Size: 12315
Proposal Author Info:
- Name: Darren Mims
- Telegram
- Delegate Address: 0x657D07095b082BB71ebD93F549f407A97f49094F
- Relationship with Token: I am a Moonwell community member and a delegate with no direct affiliation with Circle Internet Financial or any Circle-affiliated parties.
Market Risk Assessment
Current Market Cap of EURC on Base Mainnet
- EURC market capitalization: $7M on Base Mainnet
MIN/MAX Market capitalization in the last 6 months:
- Minimum (At launch): $0
- Maximum: $7M on Base Mainnet
Total supply across all chains:
- Minimum (At launch): $0
- Maximum: $41M across all
Liquidity on exchanges: Asset currently lacks DEX support on Base.
Proof of Assets:
Volatility: [Requesting @Gauntlet’s help for this]
Average Daily Trading Volume: $485,666.667 since launch
Decentralization
- Token Contract: 0x60a3E35Cc302bFA44Cb288Bc5a4F316Fdb1adb42
- Privileged Roles in Token Contract:
- Admin/Implementation Owner: The admin role has control of the contract, including the ability to upgrade implementation and change the admin address. The admin can transfer to a new address with the ‘changeAdmin’ function. The admin may also upgrade implementation of the proxy contract with ‘upgradeTo’ and ‘upgradeToAndCall’ functions.
- Initial Admin Setup: During the deployment of the contract, the deployer is set as the initial admin.
- Pauser: The entire FiatToken contract can be frozen in case of a critical issue by the Pauser role.
- Owner: The owner (or admin) is defined in the implementation contract and can reassign all other roles.
- Blacklister: This role has the privilege of defining what addresses can be blacklisted from transferring/receiving EURC tokens.
- MasterMinter: Controls the list of minters and how much each is allowed to mint in EURC. As each minter mints new tokens their minting allowance decreases, after a certain threshold the MasterMinter decides to increase the allowance.
- Distribution/Top Holders: According to Bubblemaps.io the majority of the token is split between two wallet addresses:
- 0x3b5821672af876193bbce324d93b13c3d753d2a8
- 0x9066d3cf60d9f7b705026417e8e533b424bc3d48
- Blacklist Functionality: HAS A BLACKLIST FUNCTION. Like USDC, EURC is issued and redeemed in accordance with Circle’s blacklisting policies. As such, Circle has the right to block the transfer of USDC to and from addresses onchain in extraordinary circumstances.
Smart Contract Risks
- Codebase and onchain activity:
- Github Repo
- Token contract
- EURC Testnet information
- Total transactions: 2,478
- Age of token in days: 16
- Security Posture: Due to the nature of the Circle Mint account and its systems. This information and its subsequent findings are not shared publicly. Users may visit the canonical USDC/EURC Github for each chain, but the actual audits are not circulated publicly for a variety of reasons.
- Upgradability:
- Is it upgradeable: Yes
- Upgrade Process: The admin of the contract is permitted to upgrade the contract.
- Authorized Parties: Owner/Admin role of the contract.
Oracle Assessment
- Here is the acquired Chainlink oracle address for $EURC: 0xDAe398520e2B67cd3f27aeF9Cf14D93D927f8250
Risk Manager Assessment
For this section, I request the help of @gauntlet or @wardenfinance or any other parties to provide risk guidelines and parameters, please.
