PAPER Protocol is the smart-contract, cryptographic, and governance substrate beneath eUSD. Seven programs. One purpose: regulated privacy at internet scale.
Balances and amounts are encrypted under twisted ElGamal with bulletproof range proofs verified by the Token-2022 program itself. The encrypted state of every account is the default; visibility is the exception.
Softseco holds no email addresses, no passwords, no customer databases. Authentication is performed by Phantom, Backpack, Solflare, or Ledger. KYC is delegated to licensed CASP partners.
An on-chain registry of KYC-verified addresses authorized to mint or redeem. Circulation between mint and redeem points is free, confidential, and unconstrained by individual identity — just like cash.
An ElGamal public key registered against the eUSD mint enables selective decryption of specific transfers under court order, MiCA supervisory request, or AML investigation. Every use is logged on-chain and surfaces publicly after a 24-hour delay.
An automated market maker whose reserves and trade amounts are encrypted on-chain. Zero-knowledge proofs verify the constant-product invariant without revealing any of the underlying values, eliminating MEV at the venue layer.
Every protocol upgrade affecting the mint, the IWR, the Auditor Key, or the SLV is held in a time-lock contract for at least 24 hours before execution — visible to any holder, observer, or regulator throughout the delay.
Issuance and redemption against the reserve, enforcing IWR perimeter and 1:1 backing invariant.
Allocation across the 20/40/40 tranches, daily Proof-of-Reserves, surplus routing.
On-chain whitelist of KYC-verified addresses with multisig-authorized modifications.
Per-transfer IWR and sanctions checks registered against the eUSD mint.
Disclosure operations with on-chain delayed logging.
Confidential AMM with zero-knowledge invariants.
Read the documentation, integrate the SDK, or join the partner program.