Decentralized stablecoin protocol Usual has rolled out instant EUR0-to-EUR conversions, marking a major milestone in simplifying fiat on- and off-ramps for European users. The service uses SEPA and SEPA Instant Transfers, allowing seamless euro transactions across the continent.
The EUR0 token represents a digital euro balance backed by European government bonds, integrated into the Usual platform to facilitate efficient euro transfers. This integration aims to increase the convenience of transactions by eliminating the need for exchange accounts, intermediate tokens or third-party trading platforms, according to a blog post.
SEPA Instant, an important part of this service, enables real-time euro transactions in 36 countries, including the United Kingdom and Switzerland. This fast settlement feature is complemented by virtual IBANs, which provide unique digital account numbers linked to a primary bank account, enabling international payments without the need for multiple accounts.
Usual’s platform provides an efficient on-ramp for users, who can deposit euros into a virtual IBAN, which will automatically update their EUR0 balance. Off-ramping has also been streamlined, allowing users to convert EUR0 back to Euros and receive them via a SEPA transfer. Identity verification is performed within the Usual app.
Usual has a total value of approximately $114 million (TVL), according to DeFiLlama.
This article was created using AI workflows.