[EURT]

Euro Tether

Grade
D
Date of Rating:
June 16th, 2023
Last Change:
-
SMIDGE Scores
[S] Stability
[M] Management
[I] Implementation
[D] Decentralization
[G] Governance
[E] Externals
[S]
0.54
[M]
0.62
[I]
N/A
[D]
0.30
[G]
0.29
[E]
N/A
EURT Price
Last Update:
21/05/2024 08:59:44
$1.077
Market Cap
$34,518,781
24h Volume
$4,252,155
Collater­alization
100%
Type of Peg
Fixed - To Fiat
Type of Backing
RWAs
Fiat
Data provided by Coingecko
SMIDGE Scores
[S] Stability
[M] Management
[I] Implementation
[D] Decentralization
[G] Governance
[E] Externals
[S]
0.54
[M]
0.62
[I]
N/A
[D]
0.30
[G]
0.29
[E]
N/A
Core Team
  • JL van der Velde

  • Giancarlo Devasini

  • Stuart Hoegner

  • Paolo Ardoino

  • Leonardo Real

  • Claudia Lagorio

Native Chains
  • Ethereum

  • Omni

[S]
[M]
[I]
[D]
[G]
[E]
0.54
0.62
0.00
0.30
0.29
0.00
Euro Tether
D
  • EURT is a EURO-denominated stablecoin issued by Tether.

  • EURT is backed by the same pool of assets that USDT is. Reserve assets include US Treasury bills, non-US Treasury debt, reverse repos, corporate bonds, secured loans, Bitcoin and miscellaneous investments whose exact nature and liquidity profiles are undisclosed.

  • In our assessment, there are safer Euro-denominated alternatives to EURT.

EURT's rating can be upgraded from D to C by:

  • disclosing the names of its banks and custodians OR

  • lowering the minimum redemption value from $100K to $5K AND

  • performing a complete financial audit by an independent auditor OR

  • incorporating transparent and reasonable timelines for redemption in the Terms of Service, similar to conditions imposed by the NYDFS on stablecoin issuers under its authority.

Euro Tether
Stability
Unstable
0.54/1
Unstable

The Stability factor is evaluated on the following:

1. Reserves Management - Quality, quantity, storage and segregation of reserve assets

2. Market Feedback - Indicators of market's confidence in a stablecoin derived from price and trade data

3. Mechanism - Stabilization methods that protect the stablecoin

Euro Tether
Management
Moderate Risk
0.62/1
Moderate Risk

The Management factor is evaluated on the following:

1. Restrictions - What deterrents exist to prevent key personnel of stablecoin projects from unethical and illegal behavior?

2. Negative Track Record - Have key personnel been involved in scams, frauds or other illegal activities?

Euro Tether
Implementation
Not Assessed
N/A
Not Assessed

This factor aims to assess risks arising from technical implementations – i.e, smart contract code and oracles. It is currently not assessed, but we plan for it to be evaluated in the future.

Euro Tether
Decentralization
High Risk
0.30/1
High Risk

The Decentralization factor is evaluated on the following:

1. Platform Censorship Risk

2. Custodian Risk

3. Type of Collateral

4. Diversified Voting Power

5. User Censorship Risk

Euro Tether
Governance
High Risk
0.29/1
High Risk

The Governance factor for fiat-backed stablecoins is evaluated on the following:

1. Holder Protection - What rules, statutes or code exist to protect interests of stablecoin holders?

2. Reserves Verification - What checks are done to ensure existence of reserves?

3. Redemptions - Do issuers have transparent and reasonable redemption terms?

Euro Tether
Externals
Not Assessed
N/A
Not Assessed

This factor seeks to incorporate external feedback mechanisms such as market and social sentiment into our internal ratings. It is currently not assessed, but we plan for it to be evaluated in the future.