The dollar,
kept private.
eUSD by Softseco is a planned US-dollar e-money token on Solana: backed one to one, redeemable at par, and with amounts encrypted on-chain. It will be issued only after an e-money licence is granted. The target is the first half of 2028.
Who sees what.
Addresses stay public, as for any Solana token. The amounts do not. Switch the explorer between eUSD and a public stablecoin and compare what anyone can read.
How eUSD is designed to work.
Identity is checked where money comes in and goes out. In between, amounts travel encrypted, and every transfer still passes the token's rules.
At the perimeter
The issuer sells eUSD from its treasury to verified institutions, such as exchanges and payment companies, after know-your-business checks. The registry on-chain holds the result of the check, not the identity data.
Encrypted by default
Balances and amounts are encrypted with twisted ElGamal. Zero-knowledge proofs show each transfer is valid without revealing it.
On every transfer
Vigilantis runs on each transfer, confidential ones included, and refuses any address on the sanctions blocklist.
A dollar for a dollar
Any holder can redeem at par with the issuer after due diligence, paid by bank transfer. Sales and redemptions are encrypted like any transfer. Once a month the issuer proves the eUSD in circulation and publishes the reserve.
Private by default.
Open to the law.
Banking has always worked this way: your statement is private, and a court order opens it. eUSD brings that model to a public chain, with every disclosure leaving a trace.
Commitments for mainnet. On devnet today every authority is a single key.
Auditor Key, two of three At mainnet
Authorities with lawful standing can ask for the amounts of specific transfers. Each use needs two of three signers.
Every disclosure leaves a record
A hash commitment goes on-chain when a disclosure is made: no subject and no amount, but a public count. A quarterly report gives the totals.
Control, split and on record At mainnet
A 2-of-3 admin multisig sets roles and rules. A 2-of-3 treasury multisig with a 48-hour time lock moves the treasury and upgrades the programs. Named compliance officers freeze, block and pause, and every action is recorded on-chain.
Freeze, pause, seizure
A frozen account can neither send nor receive, confidential transfers included. In an incident, an officer can pause the whole token. Under a court order, the public balance of an account frozen for at least 24 hours can be seized; a confidential balance can be frozen but not taken.
Where eUSD would sit.
Regulated dollar tokens today publish every amount. To our knowledge none combines confidentiality by default through Solana's native token standard with issuance under MiCA by an EU entity. That is a claim of position, not of being first.
| Product | Amounts on-chain | Regulatory position |
|---|---|---|
| Circle USDC / EURC | Public | MiCA e-money tokens (France) |
| Paxos USDG | Public | MiCA e-money token (Finland) |
| Quantoz USDQ / EURQ | Public | MiCA e-money tokens |
| Tether USDT | Public | Not authorized under MiCA |
| PayPal PYUSD | Public; the confidential extension is set up but not used | US regulated |
| Circle Arc | Opt-in privacy, in development | US institutional |
| eUSD by Softseco | Encrypted by default | MiCA e-money token (intended) |
Source: PAPER Whitepaper 4.0, October 2026.
Questions about eUSD.
Can I buy eUSD today?
No. eUSD does not exist as an issued token. It needs an e-money licence and will not be issued before one is granted. What you can use today are the tools it is built on: Arcantis and Vigilantis, and the PAPER prototype on Solana devnet.
Is eUSD anonymous?
No. It is confidential, not anonymous. Addresses stay public, identity is checked where money enters and leaves, and amounts can be disclosed to authorities with lawful standing.
Will holders earn interest?
No. MiCA forbids paying interest on e-money tokens. The yield on the reserve stays with the issuer, and that is the business model.
Who will be able to buy and redeem?
The issuer sells to and buys back from verified institutions, such as exchanges, payment companies and businesses, after know-your-business checks. Everyone else gets eUSD from them. Every holder keeps a claim to redeem at par with the issuer after due diligence, as MiCA requires.
Follow eUSD from here to launch.
Five phases, from the tools that exist today to an authorised token.