dEURO
Oracle-free, collateralized euro stablecoin on Ethereum, forked from the Frankencoin protocol (largest Swiss-franc stablecoin) and launched in 2025 under the leadership of Swiss fintech DFX. Users mint dEURO by opening collateralized positions (e.g. WBTC, WETH) priced by internal challenge auctions instead of external oracles; interest income funds the protocol and an equity-style reserve with veto-based governance. Circulating supply ~1.6M dEURO, price tracking the euro (~$1.14). Evidence: official site deuro.com, active GitHub org github.com/d-EURO (pushes through July 2026), CoinGecko live market data, Etherscan token page, independent write-ups (stative.xyz, DFX launch notes).
A serious attempt at a bankless, oracle-free euro: Frankencoin's proven architecture (already in the catalogue as a draft) forked to the euro zone by DFX in 2025, non-custodial and censorship-resistant, but still borrowing its unit of account from fiat and — at ~1.6M supply and a few hundred holders — far from meaningful adoption. Watch whether the euro-denominated niche grows under MiCA.
M69 Score
Scored against the Money2069 Manifesto — see methodology. Higher = more aligned.
Detailed Rating Breakdown
Issuance Model3x3.0
Open, rule-based minting: anyone can propose a collateralized position subject to community challenge (IM-01 = 4) and supply expands/contracts with loans and redemptions (IM-04/05 = 4). But issuance is debt-based (collateralized borrowing, IM-02 = 2) against crypto-native collateral with no real-economy signal (IM-03 = 2).
Spending Power Stability2x3.0
Tracks the euro via an oracle-free auction/arbitrage mechanism that is fully on-chain and auditable (SPS-03 = 4). Roughly on-peg through ~1.5 years live, but the benchmark is a single inflating fiat unit (SPS-02 = 2) and only short-term peg stability is targeted, not long-term purchasing power (SPS-05 = 3).
Fiat Independence & Interoperability2x3.0
Contradictory by design: reserves are entirely non-fiat crypto with no banking dependency and no external oracles (FI-02/FI-03 = 5), yet the unit of account is fully borrowed from the euro (FI-01 = 1) and a euro collapse would strand the reference. Net: mixed (3).
Traction2x2.0
Live and maintained (active GitHub through July 2026, live market data) but adoption is minimal: ~1.6M supply, a few hundred holders, no merchant acceptance, and the 10% yield suggests incentive-led rather than organic demand. Niche-media recognition only.
Sovereignty3.0
Non-custodial, open-source, oracle-free and self-hostable with no blacklist capability inherited from Frankencoin (SO-04 = 5, SO-07 = 4), but heavily dependent on DFX as driving organization (SO-05 = 2) and on Ethereum as substrate.
Governance3.0
Frankencoin-style on-chain veto governance: proposals execute unless equity holders object, fully transparent on-chain (GO-03 = 4). Small holder base concentrates effective power (GO-02 = 2) and there is no constitution beyond the code.
Resilience3.0
Simple, elegant oracle-free design that is easy to audit and rebuild (RE-04 = 4), with auction-based liquidations designed for stress but untested by a major crisis (RE-01 low). Protocol interest income exists but is small relative to long-term maintenance needs (RE-07 = 2).
Inclusivity4.0
Permissionless and KYC-free with identical rules for all participants (IN-01 = 5, IN-06 = 5); Ethereum mainnet gas costs and DeFi complexity are the main practical barriers (IN-02 = 2); seigniorage flows to equity depositors rather than broadly (IN-04 = 3).