A confidential stablecoin on Solana. Issuing entity (planned): Softseco sp. z o.o., Republic of Poland, European Union. Regulatory framework (intended): Regulation (EU) 2023/1114 (MiCA), E-Money Token category.
This document describes PAPER Protocol and its first product, eUSD by Softseco, a confidential stablecoin proposed for issuance on the Solana blockchain. It is published during the Foundation Phase, prior to the incorporation of the intended issuing entity and prior to the granting of any regulatory authorization. This whitepaper is not a prospectus, not an offer to sell, and not a solicitation to purchase any financial instrument, security, or e-money token.
eUSD by Softseco is a confidential stablecoin proposed for issuance on the Solana blockchain. Each token represents one United States dollar of reserve value held by Softseco sp. z o.o. (planned issuing entity), redeemable at par. The token is built on the Solana Token-2022 standard with the Confidential Transfer extension, which encrypts on-chain balances and transfer amounts using twisted ElGamal encryption and bulletproof range proofs.
PAPER Protocol is the protocol layer beneath the token: the reserve management framework, the multisig governance system, the auditor key infrastructure for selective regulatory disclosure, the identity whitelist registry that gates mint and redeem operations, and the shielded liquidity venue for confidential settlement.
PAPER Protocol is built on four architectural pillars: token-level confidentiality via Solana Token-2022; reserve and governance integrity via a 20/40/40 reserve and a Squads v4 multisig with 24-hour time-lock; compliance by design via an auditor key with delayed disclosure; and confidential settlement via the Shielded Liquidity Vault.
The intersection that PAPER Protocol occupies — native Solana Token-2022 confidentiality at the token layer; MiCA-aligned EMT issuance from an EU jurisdiction; an integrated confidential AMM settlement venue; and an EU B2B and P2P product orientation — is, to the authors' knowledge, not currently served by any single competitor.
PAPER Protocol is in the Pre-Incorporation Foundation Phase. The intended issuing entity, Softseco sp. z o.o., has not yet been incorporated. eUSD by Softseco does not exist as an issued token. No regulatory authorization has been obtained. No partnership, custodian, audit firm, or advisory relationship described in this document should be understood as contractually committed at the time of publication.
The full whitepaper is approximately 60 pages, including detailed treatment of cryptographic primitives, governance design, audit roadmap, and risk disclosure. Download the PDF for the complete document.
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