eUSD publishes daily Proof-of-Reserves to Solana mainnet. Every use of the Auditor Key, every Silent Freeze, every IWR modification is logged on-chain and surfaces publicly after a 24-hour delay.
Status: Pre-incorporation Foundation Phase. eUSD is not yet issued. The values below describe the model designed for mainnet beta launch.
USDC in a 2-of-3 Squads v4 multisig vault on Solana. 24/7 instant on-chain redemption.
Tokenized US Treasuries via BUIDL, OUSG, and equivalents with daily NAV redemption.
Lending positions on Aave and Kamino in stablecoins or fully hedged configurations.
Published on Solana mainnet once per 24-hour window at a randomized time, breaking the predictability that adversarial actors could exploit. The attestation includes total eUSD in circulation, aggregate reserve USD value, tranche-level allocation, and cryptographic commitments to underlying position data.
Phase 2 (2027): first audit by a single firm. Phase 3 (2028): comprehensive audits across multiple firms in parallel with non-overlapping methodologies. Candidate firms include OtterSec, Neodyme, Sec3, and Trail of Bits — no relationship is contractually committed.
Every use of the Auditor Key, every Silent Freeze, every Recovery Escrow disposition, and every IWR modification is recorded on-chain in a tamper-evident form and becomes publicly observable after 24 hours.
Monthly attestation review and quarterly formal reports by an independent regulated audit firm. Reports published in machine-readable form for indexers and explorers via the SDK.
| Item | Status | Target |
|---|---|---|
| Softseco sp. z o.o. incorporation | Planned | 2026 |
| MiCA EMI pre-application with KNF | Phase 2 | 2027 |
| EMI authorization application | Phase 3 | 2028 |
| First smart contract audit | Phase 2 | 2027 |
| Comprehensive multi-firm audits | Phase 3 | 2028 |
| Mainnet beta launch | Phase 4 | Q1–Q2 2029 |
| Daily Proof-of-Reserves publication | At mainnet | Q1–Q2 2029 |
The complete disclosure framework, risk factors, and roadmap are in the PAPER Protocol whitepaper.