Introducing Bridged EUROe to Scale Euro Liquidity

by
Membrane Finance
bridged-euroe

Membrane Finance has published the Bridged EUROe (EUROe.b) guidelines to improve the usage and integration of euro-denominated liquidity across chains. Third-party developers can deploy the bridged version of EUROe, EUROe.b, on any EVM-compatible blockchain with the possibility for a future upgrade to a natively issued EUROe. Furthermore, core blockchain developers can make EUROe.b available on non-EVM blockchains, such as Algorand, Cardano, Cosmos, Polkadot, Sui, or Aptos, in low-touch collaboration with the Membrane team.

As of January 2024, EUROe is natively issued on 7 blockchains, including 2 non-EVM compatible blockchains. Since the launch of EUROe on Ethereum in February 2023, Membrane has received requests from a range of ecosystems to integrate EUROe. Membrane believes many of these ecosystems have a crucial role in the evolving blockchain space and wants to ensure that safe euro liquidity is available for users and developers from an early stage.

Native EUROe and Bridged EUROe

Natively issued EUROe is supported in the EUROe Account and APIs, allowing users to automate minting, redemptions, and bridging as their business logic requires. Natively issued EUROe is fully backed and always redeemable, directly, for euros. Bridged EUROe is secured by EUROe locked in a bridge contract on the Ethereum L1. Redeeming Bridged EUROe requires first bridging to the Ethereum L1 and then redeeming the EUROe on Ethereum.

EUROe

EUROe.b

Issued by Membrane Finance, a Finnish electronic money institution

Created by a third party

Backed by Euros and redeemable 1:1

Backed by EUROe on another blockchain locked in a smart contract

Compatible with EUROe Account functionality (minting, burning, bridging, and more)

Not compatible with EUROe Account functionality

Available on multiple chains, including non-EVM chains

Deployable by anyone to any EVM compatible chain or to non-EVM chains after consultation

Bridged EUROe enables blockchain teams to bootstrap euro-denominated liquidity and ecosystem integrations with the future possibility of native EUROe issuance. By integrating EUROe.b, blockchain teams can ensure a seamless transition to native EUROe without liquidity fragmentation or the need to re-integrate EUROe in core applications. While EUROe.b is not issued or redeemable by Membrane, it serves as a trusted focal point for developers and liquidity providers from the beginning.

Ideally Membrane Finance would deploy EUROe to every new and secure blockchain as soon as it emerges. However, the rapid evolution in blockchain technology, including the advent of high-performance blockchains and scaling solutions, presents a significant challenge. This rapid pace often outstrips Membrane Finance's ability to deploy native EUROe in a timely manner. Additionally, deploying EUROe natively on these networks is an expensive endeavour, requiring substantial resources and investment, both from Membrane Finance and the blockchain team itself. This complexity necessitates a strategic approach, balancing the need for early deployment with the practical constraints of cost and technological advancement.

EUROe.b is the lever balancing the requirements of blockchain teams with the resources and availability of Membrane Finance. 

Bridged EUROe

Bridged EUROe is a specification for deploying a bridged form of EUROe on any blockchain, EVM-compatible or not, while maintaining the possibility for Membrane to later upgrade EUROe.b to natively issued EUROe.

EUROe.b is

  • Freely implementable: Anyone, be it the blockchain team or a third-party bridge deployer, can deploy the EUROe.b smart contracts to bootstrap the usage of EUROe.b (subject to terms and conditions)

  • Maximally available: EUROe.b can be deployed on both EVM and non-EVM compatible blockchains, depending on the requirements of the blockchain team

  • Standardised: Transitioning ownership of EVM EUROe.b smart contracts to Membrane Finance is a standardised process ensuring a safe hand over

  • Secure: EUROe.b smart contracts on EVM blockchains are the same as the audited and secure open-source EUROe ERC-20 smart contracts

Deploying EUROe.b is simple

  1. After agreeing to the terms of EUROe.b, the implementing team either tests the compatibility of the EUROe smart contracts on their blockchain or, in the case of non-EVM blockchains, develops a contract with similar properties

  2. The implementing team then deploys a bridge contract on the Ethereum L1 and the EUROe.b implementation on their blockchain

  3. EUROe.b is used as the primary euro stablecoin on the blockchain, bootstrapping integrations and initial liquidity in the ecosystem

  4. Bridged EUROe reaches the target milestones and Membrane evaluates the possibility of native implementation

  5. Membrane and the implementing team decide to begin the hand over process and move contract ownership to Membrane

  6. To complete the hand over process, Membrane burns the EUROe in the bridge contract and moves to native issuance without changes to the integrations, holders, or supply of EUROe.b

EUROe.b scales onchain euro usage

The usage and integrations of euro stablecoins has historically suffered from the lack of good and reliable alternatives with deep integrations into the European banking system. New ecosystems have been faced with the costly process of integrating euro stablecoins, often opting to only integrate a US dollar stablecoin instead. 

EUROe.b introduces a possible pathway for scaling euro-denominated volumes and building applications to better serve European users. With the low overhead implementation of EUROe.b, blockchain teams can start scaling the previously underserved European audiences with ease.

Getting started

If you are interested in deploying EUROe.b to a new blockchain, head to the EUROe Developer Portal to learn more.

About Membrane Finance

Founded in 2021 in Finland, Membrane Finance is a financial technology company specialising in the development of financial software and services that seamlessly link traditional financial infrastructure and blockchain-based services. Membrane Finance is the principal architect of EUROe - an EU-regulated, full-reserve euro stablecoin that brings fiat euro liquidity on-chain. Membrane Finance’s mission is to foster financial innovation and inclusion on the blockchain by developing an ecosystem of secure money infrastructure, user-friendly applications and stablecoin-related services. www.membrane.fi

About EUROe

EUROe is a regulated and compliant multi-chain electronic money euro stablecoin with deep banking integrations, programmable minting, redemption, and bridging mechanisms. Based in Finland, a leading European hub for technology & regulatory stability, EUROe is being built for tomorrow’s businesses today. www.euroe.com 

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