Simple Summary

The current AIP proposes to add EURC on Aave V3 Core Instance.

EURC is Circle’s EUR-backed stablecoin, enhancing liquidity and expanding the platform’s appeal to Euro denominated users.

Motivation

EURC is a fully backed stablecoin pegged to the Euro, issued by Circle, the same entity behind USDC. It is a reliable and transparent Euro-denominated asset gaining adoption across DeFi protocols.

• Utility and Role: EURC facilitates Euro-based transactions in DeFi, allowing for a stable store of value and an efficient medium of exchange within the ecosystem.
• Backers: Circle is a trusted issuer with a track record of regulatory compliance, providing confidence in EURC’s stability.
• Performance: EURC has demonstrated consistent performance and adoption within the broader DeFi space such as Morpho (3M), Alien(4M) and Aerodome (3M).
• Euro Liquidity: EURC will offer Aave users access to Euro-denominated liquidity, appealing to the European market.
• Broader User Base: Listing EURC could attract new users from Europe, diversifying Aave’s stablecoin offerings.
• Increased Liquidity: The addition of EURC can enhance liquidity across Aave’s markets, improving lending, borrowing, and trading experiences.

Specification

The table below illustrates the configured risk parameters for EURC

Pricefeed details

Additionally lm.aci.eth has been set as the emission admin for EURC and the corresponding aToken.

References

• Implementation: AaveV3Ethereum
• Tests: AaveV3Ethereum
• Snapshot: Direct-to-AIP
• Discussion

Copyright

Copyright and related rights waived via CC0.