Common questions, honest answers.

No. PAPER Protocol is in the Pre-Incorporation Foundation Phase as of publication. Softseco sp. z o.o. has not been incorporated, eUSD has not been issued, and no regulatory authorization has been obtained. Mainnet beta is targeted for Q1–Q2 2029.

eUSD provides transaction-level cryptographic confidentiality by default, using the Solana Token-2022 Confidential Transfer extension. USDC and USDT do not. PYUSD's Solana issuance has the extension initialized as a capability precedent but does not operate as a confidential stablecoin in production.

No. eUSD encrypts balances and transfer amounts. Sender and receiver addresses remain visible on-chain in the Token-2022 standard. Combined with the Address Decoupling design, the practical effect for ordinary holders is private-by-default, with regulator-accessible disclosure under defined process.

MiCA requires AML controls, supervisory disclosure, and capital adequacy — not transactional transparency at the token layer. The Auditor Key architecture provides selective decryption to authorities under lawful basis. The Identity Whitelist Registry routes KYC to licensed CASP partners at the mint/redeem perimeter. The compliance perimeter is at the rail, not at every transfer.

A 20/40/40 reserve: 20% USDC in a Squads v4 multisig for instant liquidity, 40% tokenized US Treasuries (BUIDL, OUSG, equivalents) for low-credit-risk yield, 40% delta-neutral DeFi lending on Aave and Kamino for additional yield. Daily on-chain Proof-of-Reserves attestations are published.

No. MiCA Article 22(4) prohibits issuers of E-Money Tokens from granting interest, yield, or distributions to holders. eUSD is structured as electronic cash, not as an investment. Yield on reserves accrues to Softseco as the issuer.

No protocol fees on mint or redeem in Phase 1. Network transaction fees on Solana (paid in SOL) are the underlying chain's cost of computation and are paid by the transacting party in the normal course.

Production-mature Token-2022 with Confidential Transfer; sub-second block times and sub-cent fees suitable for a banknote replacement; native ZK ElGamal Proof verification for confidential AMM use; and a mature institutional substrate compatible with MiCA requirements.

The Shielded Liquidity Vault (the confidential AMM) depends on it. Ordinary eUSD transfers do not — bulletproofs are verified by the Token-2022 program itself. The ZK ElGamal Proof Program is currently disabled on mainnet pending audit completion; reactivation is expected during 2026. If the timeline doesn't align, contingency paths via Arcium or SLV deferral are documented.

Anyone with a Solana wallet, post-mainnet. Mint and redeem operations require an IWR-whitelisted address, which is established by completing KYC with a licensed CASP partner. Holding and transferring eUSD between Token-2022 accounts does not require KYC with Softseco.

No. Softseco is a solo-founder project at the time of publication, presented honestly as such. The hiring roadmap (Section 12.3 of the whitepaper) plans a senior Rust/Anchor engineer and a compliance officer during Phase 2 (2027), with additional hires in Phase 3.

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