eUSD by Softseco is the first product of the PAPER Protocol — a confidential US-dollar stablecoin issued on the Solana Token-2022 standard with native cryptographic privacy.
| Name | eUSD by Softseco |
| Symbol | eUSD |
| Referenced asset | United States dollar (USD) |
| Peg | 1.0000 USD per eUSD |
| Blockchain | Solana (mainnet beta target) |
| Token standard | SPL Token-2022 with Confidential Transfer extension |
| Cryptography | Twisted ElGamal · Bulletproofs · Pedersen commitments |
| Reserve composition | 20% USDC · 40% Tokenized US Treasuries · 40% Delta-neutral DeFi |
| Backing ratio | ≥ 100% at all times |
| Redemption | At par, on demand, no fees |
| Holder yield | None (MiCA Article 22(4) compliant) |
| Protocol fees | 0% on mint and redeem |
| Issuing entity | Softseco sp. z o.o. (planned, Poland) |
| Regulatory category | MiCA E-Money Token (planned) |
| Authorization | KNF EMI (planned, 2028) |
| Proof-of-Reserves | Daily on-chain, randomized within 24h window |
| Governance | Squads v4 multisig 2-of-3 · 24-hour time-lock |
| Status | Foundation Phase · Not yet issued |
The ticker "eUSD" is shared by other products in the market, notably Membrane Finance's eUSD (a MiCA-compliant EUR-pegged EMT issued by Paxos), the legacy Ethena eUSD (a synthetic dollar on Ethereum), and Lybra Finance's eUSD (a yield-bearing stablecoin against staked ETH). The "by Softseco" suffix disambiguates the product in listings, in user interfaces, and in regulatory filings. The euro-denominated companion product, eEUR by Softseco, is planned for Phase 5 (2029 or later).
The whitepaper contains the complete technical, governance, and regulatory disclosure.