EUROD (ODDO BHF)

Single-issuer minting by a licensed bank (IM-01 1), but issuance carries no debt and is fully reserved (IM-02 5). Collateral is euro bank deposits, a financial rather than real-economy signal (IM-03 2). Supply is demand-driven with no stated cap (IM-04 3) and contracts through user-initiated redemption (IM-05 4). Category average 3.0.

Full reserve plus 1:1 redemption is the stability mechanism (SPS-01 3); the benchmark is the euro, a single well-defined low-inflation reference (SPS-02 3). The MiCA white paper and the on-page circulation figure give partial transparency (SPS-03 3). Live since October 2025, under a year of track record (SPS-04 3). Targets short-term parity only, with no purchasing-power anchor (SPS-05 3). Distribution runs through EU partner exchanges (SPS-06 3). Weighted 3.0.

Hard-pegged 1:1 to the euro (FI-01 1) with 100% fiat reserves (FI-02 1) held by a bank that is itself the issuer (FI-03 1). Nothing in the design reduces fiat dependence, offers a transition path, or composes with local currencies (FI-04 to FI-07 all 1). One chain, no own interoperability standard (FI-08 1). Weighted 1.0.

Live and maintained (TR-01 5) but ten months old (TR-02 2). About 5.1 million EUROD circulate on Polygon, and the on-chain total matches the figure the site published on 16 July 2026, so supply has not moved in six weeks (TR-03 2, TR-10 2). Acceptance is one exchange listing, Bit2Me (TR-04 2). The unit of account is the euro, not the token (TR-05 1). The bank's team is active (TR-06 5) with real partners in Flowdesk, Fireblocks and Polygon (TR-07 4) and coverage from CoinDesk and Ledger Insights (TR-08 4). Adoption is thin and institution-led (TR-09 2, TR-11 2). Weighted 2.5, taken down to 2 for class consistency with the small-supply tier.

ODDO BHF can stop issuance and redemption on its own (SO-01 1) under a single EU jurisdiction (SO-03 1). The token sits on public Polygon and holders can self-custody (SO-04 3), but the contract uses a freezable ERC20F standard from Fireblocks, so transactions can be blocked (SO-07 1) and no rule is enforced by code against the issuer (SO-09 1). No privacy protection (SO-08 1). Institutional depth removes key-person risk (SO-05 4). Weighted 1.6.

A bank board decides, with no external participation (GO-01 2, GO-02 1, GO-04 1). Disclosure is good for the class: a published MiCA white paper, a public contract address, a published smart-contract audit and an on-page circulation figure (GO-03 4). The MiCA white paper and reserve rules bind the issuance model and require regulator notification to change (GO-07 3, GO-08 3). Weighted 2.3.

No crisis or adversarial event survived yet (RE-01 2). One chain, so no infrastructure redundancy (RE-02 2). The design is simple and a bank can reissue after a failure (RE-03 3, RE-04 4). Reserves are ordinary deposits at partner banks rather than bankruptcy-remote assets, which is the weak point under stress (RE-06 3). At 5.1 million euros the float cannot fund the operation, so the parent bank subsidises it (RE-07 3). Weighted 2.4.

Open to any person or entity not under sanctions, and the token is transferable on a public chain. Access runs through KYC exchanges and the bank does not sell to retail directly, so reach is real but mediated.