Dear Polkadot community,

We are STASIS team and we would like to present a project of deployment EURS stablecoin - biggest euro-backed stablecoin on the market - on Polkadot blockchain.

STASIS is a European-based financial technology company that has been in operation since 2017. Our core offering is EURS, which currently holds the position of the largest Euro-backed stablecoin available in the market. Our mission is to provide viable alternatives to United States-based fintech platforms by enabling users to enter the digital market using their native currency (euro) and avoid any foreign exchange expenses or transactions outside of the Single Euro Payments Area (SEPA) network.

The company will deploy EURS on Polkadot to provide a 1:1 euro-backed stablecoin with reserves held in central bank accounts and seamless on/off ramp services for users from 175 countries worldwide. Furthermore, the company will provide narrow banking services for crypto startups by offering central bank IBANs and payment services without the risks associated with commercial banks.

Due to recent banking turmoil (SVB, Signature, Credit Suisse) and issues with USD stablecoins (i.e. BUSD, USDC, and Terra USD), it is essential for the Polkadot community to have a non-USD alternative that addresses the aforementioned risks. Moreover, many crypto startups face challenges in securing banking services as traditional banks may be hesitant to work with crypto companies due to perceived risks associated with the industry.

The Polkadot community will have an access to a ready-made institutional-grade infrastructure with a network of tens of licensed financial institutions in Europe that support EURS. Through the infrastructure, a EURS user will have access and can effectively manage their corporate finances on the blockchain. The infrastructure includes:

• Live on 7 blockchains aside from Polkadot
• Central bank IBANs
• Crypto-to-fiat & any-asset-to-fiat settlements
• Business finance payments
• Counterparty transaction management
• Treasury and portfolio management
• FX asset allocation
• Capital Markets access
• Onboarding/ SoF
• Web3.0 services/ DeFi.

Polkadot community benefits

The integration of EURS on the Polkadot blockchain would offer numerous benefits to both the STASIS platform and the Polkadot network. As the largest euro-backed stablecoin in the market, EURS has established itself as a trusted and reliable source of liquidity for users worldwide, with a growing list of institutional partners. By enabling users to transact in their balance sheet currency (euro) and avoid forex expenses and transactions outside of the SEPA network, STASIS offers a unique alternative to USD stablecoins and US fintech platforms.

STASIS brings the largest liquidity providers who are ready to come to Polkadot ecosystem.
STASIS EURS has the biggest euro-denominated pools in DeFi. EURS holders use the stablecoin to manage, hedge, and diversify their portfolio. EURS on Polkadot will be used as a swap, staking, and structured product settlement instrument. Furthermore, digital asset forex markets rely on price feeds from traditional forex markets. However, the traditional forex market that transacts 7.5 trillion USD does not work in a non-stop mode, offering accessibility 24/7/365. As a separate project, STASIS can execute a EURS-based trustless smart-contract-based EUR/USD forex market in Polkadot DeFi, which eliminates this gap.

By supporting and promoting EURS on the Polkadot network, Polkadot stands to benefit from increased transaction fees and community engagement, while STASIS would be able to offer its users a more diverse and accessible range of options for conducting their transactions. We are now natively integrated with various blockchain networks, including Algorand, Ethereum, Ripple, XDC, and Polygon, and are exploring opportunities to expand our services on the Polkadot network.

Funding request

The requested amount for a 6-month ongoing development grant is EUR 630,000 in DOT on the day of submission using the EMA30 rate by Subscan [c].

Further information on the proposal, including milestones, budget, agenda, and more can be found VIA THIS LINK.