Usual’s introduction of a direct EUR ↔ EUR0 rail leverages SEPA Instant and virtual IBAN technology to streamline fiat transactions, enhancing euro transfers for users across Europe.
Decentralized stablecoin protocol Usual has rolled out direct EUR0-to-EUR conversions, marking a significant milestone in simplifying fiat on- and off-ramps for European users. The service utilizes SEPA and SEPA Instant transfers, providing seamless euro transactions across the continent.
The EUR0 token represents a digital euro balance backed by European sovereign bonds, integrated into Usual’s platform to facilitate efficient euro transfers. This integration aims to enhance the ease of transactions by eliminating the need for exchange accounts, intermediate tokens, or third-party trading platforms, according to a blog post.
SEPA Instant, a key component of this service, allows real-time euro transactions across 36 countries, including the UK and Switzerland. This rapid settlement feature is complemented by virtual IBANs, which provide unique digital account numbers linked to a primary bank account, facilitating international payments without requiring multiple accounts.
Usual’s platform offers an efficient on-ramp for users, who can deposit euros to a virtual IBAN, automatically updating their EUR0 balance. Off-ramping is equally streamlined, allowing users to convert EUR0 back to euros and receive them via SEPA transfer. Identity verification is conducted within the Usual app.
Usual has around $114 million in total value locked (TVL), according to DeFiLlama.
This article was generated with the assistance of AI workflows.
Source: https://thedefiant.io/news/defi/usual-integrates-virtual-ibans-to-simplify-euro-transactions
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