Usual Integrates Virtual IBANs to Simplify Euro Transactions

Key Takeaways

• Usual launches EUR0 token backed by sovereign bonds.
• Virtual IBANs enable instant SEPA Euro transfers.
• No exchange accounts needed for on/off‑ramping.
• SEPA Instant covers 36 European countries.
• TVL reaches $114 million, indicating growing adoption.

Summary

Decentralized stablecoin platform Usual has introduced direct EUR0‑to‑EUR conversions using SEPA and SEPA Instant transfers, supported by virtual IBANs. The EUR0 token, backed by European sovereign bonds, lets users deposit euros into a virtual IBAN and receive instant digital balances without intermediary exchanges. Off‑ramping is similarly streamlined, converting EUR0 back to euros via SEPA. Usual’s total value locked now stands at about $114 million.

Pulse Analysis

Virtual International Bank Account Numbers (IBANs) are reshaping how European users interact with decentralized finance. By assigning a digital account number linked to a primary bank account, Usual eliminates the need for multiple banking relationships, allowing seamless euro deposits and withdrawals. This approach mirrors traditional banking convenience while leveraging blockchain’s speed, offering a compelling on‑ramp for users hesitant about complex crypto exchanges. The EUR0 token, anchored to European sovereign bonds, further reinforces trust by providing a stable, regulated asset within the DeFi ecosystem.

The technical backbone of Usual’s offering relies on SEPA and SEPA Instant, a pan‑European payment scheme that settles transactions in seconds across 36 countries, including the UK and Switzerland. Integrating these networks with virtual IBANs enables real‑time conversion between fiat euros and the EUR0 stablecoin, bypassing intermediate tokens and third‑party platforms. Identity verification is handled directly in the Usual app, aligning with Know‑Your‑Customer (KYC) requirements and reducing compliance friction for both on‑ramps and off‑ramps.

From a market perspective, Usual’s $114 million total value locked signals growing confidence in hybrid fiat‑crypto solutions. The streamlined workflow could attract institutional players seeking efficient cross‑border euro settlements without exposing themselves to exchange volatility. As more DeFi protocols adopt virtual IBANs and SEPA Instant, the competitive landscape may shift toward integrated finance models that blend traditional banking infrastructure with blockchain transparency, potentially accelerating mainstream adoption of digital euros across Europe.