eUSD and eEUR — confidential by default, backed 1:1, wallet-native. Built on Solana Token-2022 for the institutional digital economy.
USDT and USDC exceed $200B in market cap, yet carry three critical design flaws that directly undermine institutional and B2B use cases.
Every balance and transfer on USDT/USDC is publicly readable. Any competitor, counterparty, or MEV bot can reconstruct a wallet's full financial history in seconds.
⚠ Loss of trade secrets in B2BMajor issuers operate with a single admin key. Every freeze proposal is visible in the mempool before execution — giving attackers a window to escape before settlement.
⚠ Arbitrary censorship riskReal-time reserve dashboards allow MEV bots to correlate treasury movements with large B2B transactions, effectively de-anonymising institutional clients through reserve delta analysis.
⚠ Front-running & sandwich attacksPAPER is built around four non-negotiable architectural principles that solve each problem at the protocol layer — not as an add-on.
eUSD is minted directly onto an Encrypted Balance via Token-2022 ConfidentialTransferMint. There is no intermediate public step — amounts are hidden from the first millisecond. Balances and values are encrypted with homomorphic ElGamal and verified via Bulletproofs ZK-proofs.
Every eUSD corresponds to 1 USDC in the reserve vault. The 20/40/40 reserve model allocates across an Immediate Cash Buffer, Tokenized US Treasuries (BlackRock BUIDL, Ondo IUSG), and Delta-Neutral Stablecoin Lending (Aave, Kamino). Zero exposure to volatile crypto in core backing.
No accounts. No passwords. No user databases at Softseco. The only identity is your wallet address (Phantom, Backpack, Solflare). KYC is handled by an external Identity Oracle (Sumsub Web3 / Civic) that publishes only a verified/not-verified result on-chain. Softseco never stores PII.
Freeze authority is assigned to a Squads Multisig 2-of-3. All compliance votes happen off-chain; only one compiled execution transaction appears on-chain. A mandatory 24h Recovery Escrow with a second independent Multisig authorisation prevents single-actor abuse. Minimum 4 signatures across two independent votes to move funds.
The only accepted input and output asset is USDC. No fiat deposits. No intermediaries. One wallet signature is all it takes.
Open the app and connect with Phantom, Backpack, or Solflare. No account creation, no email, no password — your wallet address is your only identity.
Type the USDC amount to convert. The peg is always 1:1 with zero fees — 1,000 USDC becomes exactly 1,000 eUSD, no exceptions.
Fee: 0% · Peg: 1:1 fixedDeposit USDC from address X and receive eUSD on a separate address Y. Both must be verified in the Institutional Whitelist Registry. This eliminates the public USDC deposit → private eUSD balance correlation.
Native Vault ShufflingOne signature. The smart contract calls mint_paper_usd_confidential(), minting eUSD directly onto your encrypted balance. The amount is never publicly visible — not even for a millisecond.
Same wallet-centric experience — no login required. Your private key never leaves your device. The app decrypts your balance locally to display your current eUSD amount.
Enter how much eUSD to convert back to USDC. Rate is always 1:1 with zero fees. The app generates a ZK proof locally confirming you hold sufficient encrypted balance.
ZK Proof · Confidential WithdrawBurn eUSD from address Y and receive USDC on a different, unlinked address X. Address Decoupling is also available on redemption for maximum transactional privacy.
The smart contract burns the eUSD and releases USDC 1:1 from the reserve vault. The 20% Immediate Cash Buffer covers most redemptions instantly. Larger withdrawals auto-unwind RWA/lending positions in under 24h.
Every eUSD in circulation is backed by 1 USDC equivalent in the reserve vault. The 20/40/40 structure balances yield generation with liquidity resilience.
60% of reserves liquid within 24h (20% buffer + 40% RWA). Remaining 40% lending positions unwind in seconds to minutes. Full 100% accessible within 24h without breaking the 1:1 peg.
No JitoSOL, no ETH, no volatile assets in core reserve backing. 100% stablecoin/fiat-denominated instruments.
Reserve dashboard at reserves.paper.softseco.io updates once per 24h at randomised intervals — preventing time-correlation attacks on institutional clients.
Anyone can verify Total Supply on Solscan against vault balances. Institutional-grade transparency without real-time MEV exposure.
PAPER combines the only production-ready confidential token standard on L1 with institutional-grade key management and MEV-resistant execution.
The only production-mature L1 standard natively supporting mandatory Confidential Transfers. Ultra-low costs (~$0.00025), ~65,000 TPS throughput, with transfer hooks and permanent delegate for compliance.
Homomorphic ElGamal encryption combined with Bulletproofs zero-knowledge proofs. Validators verify mathematical correctness without seeing the actual values. Twisted ElGamal protects AMM swap sizes in the Shielded Liquidity Vault.
The industry standard Multisig on Solana — audited by Trail of Bits, OtterSec, and Neodyme. Compliance votes occur entirely off-chain; on-chain push is a single compiled execution transaction, eliminating proposal front-running.
Solana is the launch network due to Token-2022 advantages. Softseco retains the right to natively deploy eUSD/eEUR on L2 networks (Linea, Base), Monad, Sui, and others implementing sufficient ZK privacy standards.
SLV enables on-chain swaps where amounts, directions, and slippage remain encrypted. MEV sandwich attacks are mathematically impossible without knowledge of swap size, direction, and pool reserves. Native Jupiter aggregator integration.
An ElGamal auditor key stored in an HSM (FIPS 140-2 Level 3) in Dubai under VARA/IFZA jurisdiction enables selective, transaction-specific decryption exclusively upon a lawful regulator order. Every usage publicly logged with a mandatory 24h delay.
A three-layer compliance mechanism with precisely separated roles — achieving full MiCA and FATF Travel Rule compliance without requiring total transparency.
KYC verification of Mint/Redeem-eligible addresses is handled by Sumsub Web3 or Civic. The oracle publishes only a verified/not-verified result on-chain, feeding the Institutional Whitelist Registry (IWR). Softseco stores zero PII, zero identity documents, zero biometrics.
A Token-2022 extension executing automatically on every eUSD transfer. Operates exclusively on public wallet addresses — never decrypting amounts or balances. Provides real-time OFAC/EU sanctions screening and FATF Travel Rule compliance (Notabene/Sumsub IVMS101 integration for transfers ≥$1,000).
Selective decryption of specific transactions upon a lawful court or financial regulator order. Cannot be used for mass surveillance, full wallet history scanning, or bulk analysis. Stored in HSM in Dubai (VARA/IFZA). Every use publicly logged with an immutable 24h delay.
With 0% user fees, Softseco monetises the yield generated by the reserve structure. Every additional USDC in the vault translates directly to ~5.8% annual revenue.
| TVL in Vault | Gross Yield (5.8%) | Op. Costs | Net Revenue / yr |
|---|---|---|---|
| $10M | $580,000 | $150,000 | ~$430,000 |
| $50M | $2,900,000 | $300,000 | ~$2,600,000 |
| $100M | $5,800,000 | $450,000 | ~$5,800,000 |
| $250M | $14,500,000 | $900,000 | ~$13,600,000 |
| $500M | $29,000,000 | $1,500,000 | ~$29,000,000 |
| $1B | $58,000,000 | $3,000,000 | ~$58,000,000 |
USD/year. Op. costs: base $150K + ~0.3% of TVL at scale. Break-even at ~$7M TVL — achievable 9–12 months post-launch.
All yield above 100% Backing Ratio flows into a segregated corporate portfolio reinvested in Bitcoin, Gold, and S&P 500 — compounding Softseco's balance sheet independently of TVL.
Softseco is raising $3.5M to bring PAPER to mainnet — funding audits, regulatory licensing, engineering team expansion, and ecosystem integrations.
Mainnet launch audits — OtterSec, Neodyme, Trail of Bits, Sec3: four independent security reviews of all on-chain programs.
Regulatory licensing — MiCA EMI/CASP (EU subsidiary) and VARA/IFZA registration (Dubai HQ) for full institutional-grade compliance.
Engineering & operations — Expansion across Dubai and EU offices to support protocol development, compliance, and enterprise sales.
Ecosystem integrations — Jupiter aggregator, institutional custodians, Identity Oracle (Sumsub Web3 / Civic), and enterprise B2B partnerships.
Mint your first eUSD. No account needed — just connect your wallet. Free, always.