How it works
USDC → eUSD
1
Connect Wallet
Phantom, Backpack, or Solflare. Your wallet is your only identity — no account needed.
2
Enter USDC Amount
Type how many USDC you want to convert. Rate is always 1:1, protocol fee is 0%.
3
Sign Transaction
One wallet signature. eUSD is minted directly to your encrypted balance on Solana.
4
Receive eUSD
Your balance is ZK-encrypted from block one — amount hidden from all observers.
eUSD → USDC
1
Switch to Redeem Tab
Click "Redeem" at the top of the trade card. Connect your wallet if you haven't already.
2
Enter eUSD Amount
Type the amount to redeem. Rate is 1:1. Your encrypted balance remains private throughout.
3
Sign & Burn
One signature burns your eUSD and triggers a confidential withdrawal proof on-chain.
4
Receive USDC
USDC is released instantly from the reserve vault directly to your wallet. 0% fee.
Protocol live · Mainnet Q4 2026

Trade eUSD & eEUR

1:1 peg · 0% fees · Encrypted on receipt

Connect your wallet
Connect a Solana wallet to start minting confidential eUSD. Your address is your only identity — no account required.

New to PAPER? Instructions

You pay Balance: 4,210.00 USDC
USDC
USDC
≈ $0.00
↓
You receive Encrypted
0.00
eUSD
eUSD
Exchange rate1 USDC = 1 eUSD
Protocol fee0%
PrivacyEncrypted from block 0
Network fee (est.)~$0.00025
SettlementSingle tx · Instant
🔀
Address Decoupling
Receive eUSD on a different address
USDC source address (auto-filled) eUSD recipient address

Both addresses must be verified in the Institutional Whitelist Registry. This severs the public USDC → private eUSD correlation.

You redeem Encrypted balance: ●●●,●●●
eUSD
eUSD
≈ $0.00
↓
You receive
0.00
USDC
USDC
Exchange rate1 eUSD = 1 USDC
Protocol fee0%
SettlementInstant
ZK ProofConfidential Withdraw
USDC destinationConnected wallet
🔀
Alternative USDC Destination
Receive USDC on a different address
USDC destination address

PAPER is in testnet phase. Mainnet launches Q4 2026. All trades shown here are simulated for UI preview. Connect a real wallet post-launch.