EUR Stablecoin on Cardano - Fiat Backed and MiCA Compliant

[Proposal setup] Proposal title

Please provide your proposal title

EUR Stablecoin on Cardano - Fiat Backed and MiCA Compliant

[Proposal Summary] Budget Information

Enter the amount of funding you are requesting in ADA

780571

[Proposal Summary] Time

Please specify how many months you expect your project to last

12

[Proposal Summary] Translation Information

Please indicate if your proposal has been auto-translated

No

Original Language

en

[Proposal Summary] Problem Statement

What is the problem you want to solve?

Cardano does not have a Euro regulated stablecoin limiting its usage and real life applications, particularly as a new regulatory framework (MiCa) comes into play.

[Proposal Summary] Project Dependencies

Does your project have any dependencies on other organizations, technical or otherwise?

No

Describe any dependencies or write 'No dependencies'

No dependencies

[Proposal Summary] Project Open Source

Will your project's outputs be fully open source?

No

License and Additional Information

[Theme Selection] Theme

Please choose the most relevant theme and tag related to the outcomes of your proposal

Stablecoin

[Campaign Category] Category Questions

Describe your established collaborations.

Agreement with “3 Comma Capital SCR, SA” to work together in development of a EUR stablecoins, collaborate between our teams and use their Custody Infrastructure for the custody of Fiat assets backing the stablecoin. 3 Comma Capital is a Tier 1 Asset Manager and VC in Portugal. They currently manage the top performing Crypto investment fund in Portugal that is fully licenced by the Regulators.

Describe funding commitments.

Our project has secured a strategic partnership with 3 Comma Capital, a fully regulated asset manager in Portugal. They will serve as the exclusive custodian for all fiat reserves backing the cEUR stablecoin. This ensures that the asset backing is professionally managed and fully compliant from day one. Therefore, we do not require external funding commitments for the reserves themselves. The funds requested from Project Catalyst are dedicated solely to the operational and development costs required to build, audit, and launch the stablecoin platform on Cardano

Describe your key performance metrics.

Our performance will be tracked by clear, quantifiable KPIs within 10 months of launching the stablecoin. We aim for a circulating supply of at least €500,000 cEUR and over €1,000,000 in transaction volume. Success includes securing 3 active on/off-ramp partners in our target markets (Europe, Brazil, Angola) and integrating with 2 Cardano DEXs and 1 lending protocol. Finally, we will publish a public roadmap outlining the strategy for our next stablecoin (e.g., cBRL), demonstrating our long-term vision to serve the 250M+ Lusophone market.

[Your Project and Solution] Solution

Please describe your proposed solution and how it addresses the problem

Our solution is to launch a comprehensive, multi-currency stablecoin ecosystem on the Cardano blockchain, beginning with a fully regulated, MiCA-compliant and Fiat backed Euro stablecoin (cEUR).

cEUR will serve as the compliant and technical foundation for a broader network of stablecoins targeting the 250+ million people in the Lusophone world. We will then replicate the set-up for 3 more countries to have the following stablecoins:

• Euro (cEUR)
• Brazilian Real (cBRL),
• Angolan Kwanza (cAOA), and
• Mozambican Metical (cMZN).

Building multiple stablecoins on the same foundational technology allows seamless conversion between these assets within a single technological framework. This is particularly relevant for the sizable remittance market between these four countries, which share historical ties, a common language, and deep family connections.

Once the stablecoins are issued and gain adoption, we plan to launch a remittance and payment system connecting these countries and their currencies. This initiative goes beyond issuing individual tokens—it is about creating a robust, interconnected, and fully compliant financial infrastructure that enables real-world adoption of Cardano.

The 4 pillars of our proposal

1 - A MiCA-Compliant and Professionally Managed Framework (cEUR)

The cornerstone of our entire project is regulatory compliance and trust. We will begin by launching cEUR, a stablecoin pegged 1:1 to the Euro.

Regulatory Compliance

cEUR is being designed from the ground up to fully align with the European Union’s Markets in Crypto-Assets (MiCA) framework for E-Money Tokens (EMTs). By taking a proactive approach, we aim to ensure long-term viability, protect users, and establish Cardano as a leading blockchain for regulated financial products.

Secure Fiat Custody

To safeguard reserves, we’ve partnered with a licensed asset manager in Portugal who will serve as the exclusive custodian of all fiat deposits. These funds will be held in segregated accounts at regulated European banks. This structure creates a clear separation between on-chain operations and reserve management, adding an essential layer of security and trust.

We have an agreement signed with 3 Comma Capital to work in partnership on the launch of the stablecoins.

3 Comma Capital are a Tier 1 Asset Managers in Portugal and see an opportunity to launch a stablecoin using their custody infrastructure and grow the offering to other Portuguese speaking countries. This is a great partnership as they are well regarded in the Portuguese media and regulators

Transparency by Design

Every cEUR issued will be backed 1:1 with reserves. Independent, third-party attestations will be conducted on a regular basis and published openly, giving users full confidence that the system is transparent, accountable, and verifiable at all times.

For attestations of reserves we are in touch with the Charlie3 oracle team who have agreed to work with us in validating the amount of reserves held against the stablecoins, similar to what they already do for the USDM stablecoin.

2 - Scalable Technical Architecture on Cardano:

Our platform will leverage the unique strengths of the Cardano blockchain to ensure security, efficiency, and low costs.

Native Assets

Each stablecoin (cEUR, cBRL, and others) will exist as a native Cardano asset. This gives them the same built-in security and efficiency as ADA itself - without needing complicated smart contract “wrappers.” The result is lower transaction fees and fewer potential risks.

Our team at Dynamic Strategies has been building on Cardano since 2020. We’ve launched multiple products on both Mainnet and Testnet, and we regularly share much of our code as open-source on GitHub (see the Team section below for details).

Aiken Smart Contracts

For minting and redemption, we’ll use smart contracts written in Aiken. These contracts will handle the secure issuance and burning of tokens—making sure new stablecoins are only minted when fiat is deposited with our custodian, and burned when fiat is withdrawn.

On-Chain Identity

We’re also designing the system to work seamlessly with Cardano’s growing on-chain identity solutions. In the build of the solution we will trial the use of Atala PRISM or similar DID system for KYC/AML of users interacting with the website to mint/burn tokens for fiat.

3 - A User-Centric Platform for Access and Payments:

To bridge the gap between traditional finance and the blockchain, we will develop a simple and intuitive web-based platform. This will be the primary gateway for users to interact with our stablecoin network.

The platform will feature a guided process for identity verification (KYC/AML), connecting bank accounts, and minting/redeeming stablecoins.

Users will be able to send and receive payments and remittances directly through the platform. The system will be designed to feel as simple as a modern fintech app, but with the speed and low cost of Cardano's blockchain powering the transactions. This will allow a user in Portugal to send cEUR to a family member in Angola, who can then instantly swap it for cAOA and off-ramp to their local bank account, all within a single, unified ecosystem.

4 - Deep DeFi Integration and Liquidity Provision:

A stablecoin's utility is defined by its liquidity and usability within the broader ecosystem. From day one, our strategy is to make our stablecoins a core building block of Cardano's DeFi landscape.

Liquidity Pools

We will create the following liquidity pools and allocate our own funds to these liquidity pools.

• cEUR / USDM
• cEUR / DJED
• cEUR / cBRL
• cEUR / cAOA
• cEUR / cMZM

We expect this to be a good investment of own funds as we already actively provide liquidity to liquidity pools on Cardano (e.g. ADADJED) and on multiple other blockchains (e.g. Ethereum, Solana and the Layer-2 EVM blockchains)

We recognise of having well provisioned liquidity pools for user adoption:

• People want to be able to exchange between different stablecoins quickly and easily - especially if these stablecoins are used for cross border transactions and remittances. If you’re in Europe, you want EUR; if you’re in the US, you want USD. If you are in any of the other 3 countries where we will launch the stablecoin (Brasil, Angola, Mozambique).
• Without liquidity, even small trades cause a lot of slippage, which basically means you end up paying more than you should. A deep pool keeps trades smooth and cheap and in size.
• Arbitrage traders rely on liquidity to keep stablecoins like USDC, USDT, and EURC close to their pegs. If liquidity is thin, prices drift apart and users lose confidence. We will need to do the same of the 4 stablecoins that will be issued cEUR, cBRL, cAOA and cMZM
• Not everyone wants to hold dollars. If swapping between USD and EUR (or other stablecoins) is seamless, the platform becomes useful to people everywhere, not just in dollar-heavy markets.
• Most of DeFi - lending, borrowing, derivatives, yield strategies - relies on stablecoins. Deep liquidity makes these systems more efficient and safer by reducing the risk of sudden price moves or liquidations. A Cardano Native platform that we are building in parallel (BlockMargin) uses exclusively stablecoins for interactions (with transaction fees paid in ADA)

Lending protocols

We will reach out and actively partner with lending protocols on Cardano to have our stablecoins integrated as a form of collateral with the view to drive up utility and demand.

Centralized Exchanges

To drive real-world usage and liquidity, we plan to engage directly with leading centralized exchanges (CEXs) and work with them to list our stablecoins. Getting cEUR, cBRL, and others onto major exchanges will be a key step in broadening access, enabling users to trade and hold these assets outside of the Cardano ecosystem.

Successful listings will extend adoption beyond Cardano-native dApps, opening up global markets and making our stablecoins usable across the wider crypto economy. This not only strengthens demand but also builds trust and visibility with everyday users, traders, and institutional partners alike.

[Your Project and Solution] Impact

Please define the positive impact your project will have on the wider Cardano community

The launch of our regulated stablecoin focusing on the EUR and the developing countries will have a significant impact on the Cardano ecosystem. This project is a foundational investment designed to fundamentally upgrade Cardano's capabilities, reputation, and strategic position in the global financial landscape.

We foresee impact in four areas:

• Establishing Cardano as the leading blockchain for regulated EUR stablecoin
• Expanding the Cardano's DeFi Ecosystem
• Building a Bridge to the Real World
• Driving Sustainable Utility for ADA

1 - Establishing Cardano as the leading blockchain for regulated EUR stablecoin

The global cryptocurrency landscape is rapidly maturing, moving from an era of unregulated innovation to one of regulatory clarity.

The European Union's Markets in Crypto-Assets (MiCA) regulation is the world's first comprehensive framework for digital assets and is set to become the global benchmark. Blockchains that do not embrace this framework risk being relegated to the fringes of the Euro economies. Countries that use Euro as the main currency + Brazil represent around 23% of the world GDP, this is about a quarter of the world economy.

Our project positions Cardano to get ahead in the stablecoin race. By launching one of the first MiCA-compliant, Euro-backed stablecoins, we provide the ecosystem with a powerful "first-mover advantage."

A fully compliant cEUR provides a secure, legal way for institutional capital that’s currently on the sidelines to participate in the digital economy. Pension funds, asset managers, and corporations need regulated, on-chain assets to safely engage with DeFi. Our stablecoin gives them that tool, making Cardano the go-to Layer 1 for serious, regulated financial activity.

Having a professionally managed, regularly audited, MiCA-compliant stablecoin reduces risk for the entire Cardano ecosystem. It reassures global regulators, potential partners, and enterprise users that Cardano is a platform ready for mature, real-world finance.

The legal and technical framework we’re building isn’t just for cEUR. It will be used to issue stablecoins in another 3 countries (Brazil, Angola and Mozambique). It will also serve as a public roadmap. Other projects in the Cardano community can follow it to develop their own regulated financial products, helping foster a broader ecosystem of compliant innovation.

2 - Expanding the Cardano's DeFi Ecosystem

A liquid, trusted, and stable unit of account is the bedrock of any advanced financial system. The introduction of cEUR, followed by other Lusophone stablecoins, will act as a catalyst for the next generation of DeFi on Cardano.

cEUR will open the door to financial products that have been hard to build reliably on Cardano. This includes Euro-denominated lending and borrowing, regulated derivatives, stable yield-farming protocols, and on-chain foreign exchange markets like cEUR/cBRL.

As both institutions and retail users mint and use our stablecoins within DeFi protocols, Cardano’s total value locked (TVL) will grow in a meaningful and sustainable way. Unlike speculative activity, this growth is anchored in real-world utility, making it more “sticky.”

We aim to address liquidity fragmentation by creating liquidity pools for pairs like cEUR/USDM and cEUR/cBRL on Cardano’s leading DEXs

3 - Building a Bridge to the Real World

Cardano’s long-term success depends on solving real problems for real users

With our set of stablecoins we are addressing the high fees and slow speeds of remittances in the Lusophone world. This is a clear, compelling use case for blockchain. Our goal is to onboard millions of users who aren’t crypto speculators, but individuals and businesses looking for better financial tools. By doing so, we diversify Cardano’s user base and reinforce its mission as a platform for global financial inclusion.

Our multi-currency approach is designed to scale. The success of the cEUR/cBRL exchange mechanism can serve as a model for other countries and currencies, positioning Cardano as the go-to platform for stablecoin-based remittance and payment systems in emerging economies.

A stablecoin pegged to a familiar currency like the Euro makes it easy for new users to enter the Cardano ecosystem. They can explore its possibilities without facing the volatility of other crypto assets, making adoption safer and more accessible

4 - Driving Sustainable Utility for ADA

The health of Cardano’s ecosystem ultimately shows up in the utility and value of its native token, ADA. Our project is designed to create a virtuous cycle that benefits the network and everyone participating in it.

Every transaction involving our stablecoins - whether a remittance, a DEX swap, or lending activity - uses ADA to pay network fees. This generates steady, predictable demand for ADA that comes from real economic activity, not speculation

This project positions Cardano as a global leader in regulated on-chain finance, provides the tools to unlock the next wave of DeFi innovation, and creates a scalable bridge to onboard millions of real-world users. In short, it’s an investment in the core infrastructure that will secure Cardano’s future as a global financial operating system.

[Your Project and Solution] Capabilities & Feasibility

What is your capability to deliver your project with high levels of trust and accountability? How do you intend to validate if your approach is feasible?

The team members at Dynamic Strategies (Dmitry, Paulo and Vlad) have extensive experience in the traditional financial sector and a track record of developing on Cardano since 2020.

Our partner, 3 Comma Capital, is a Tier 1 Asset Manager Portugal with multiple regulated funds and who have shown an interest to collaborate on the issuance of the stablecoins and will provide their team’s time and probably more importantly their regulated Custody platform to hold the stablecoin reserves.

TradFi Experience and Strategic Partnerships

Our core team possesses decades of combined experience in the highly-regulated world of traditional finance, with significant time spent in the City of London. This background in institutional banking, asset management, and regulatory compliance informs every decision we make. We are intimately familiar with the principles of risk management, fiduciary duty, and the operational rigors required to handle client assets.

The Partnership with a Regulated Asset Manager is a crucial element that enables delivery of this project. We have a formal, established partnership with a leading, fully regulated asset manager in Portugal.

Our partner, 3 Comma Capital will provide their Custody platform for fiat reserves backing the stablecoins. These funds will be held in segregated accounts at licensed European banking institutions, completely ring-fenced from our operational accounts. This eliminates conflicts of interest and ensures the reserves are managed by a licensed entity with a legal and fiduciary responsibility to protect them.

Our partner has the right expertise in the European financial regulatory landscape. Their involvement is critical to ensuring our operational framework for managing reserves is and remains fully compliant with MiCA and other relevant EU directives. This provides an external, expert layer of validation and oversight.

Our partner will provide regular, publicly available attestation reports, co-signed by a reputable auditing firm. This will provide verifiable, on-demand proof that every stablecoin in circulation is backed 1:1 by Euros held in their custody. We are in touch with the Charlie3 oracle team who have agreed to work with us in validating the amount of reserves held against the stablecoins.

Phased Approach to Validating Feasibility

Phase 1 - Legal and Regulatory Validation

The first phase is to validate our legal and regulatory framework. Before technical resources are deployed, we will work with our legal counsel and asset management partner to finalize our MiCA compliance strategy and formalize all partnership agreements. This "legal-first" approach ensures that the project is built on a viable, compliant foundation. If we cannot secure this framework, we do not proceed. This is our primary feasibility gate.

This phase has 2 milestones:

Establishing the Legal Entity that will issue the stablecoins

Develop the Operational Procedure Ensuring 1-to-1 Backing

Phase 2 - Technical and User Validation on Testnet

Once the legal framework is validated, we move to technical implementation. The testnet phase is our public laboratory for validating our technology and user experience:

In this phase we will write the Smart contract implementing the operational procedures. The code will then be made available for public scrutiny during the testnet phase, allowing the community to act as a final layer of validation.

We will deploy our minting/redemption portal on the testnet and invite the community to participate in a public beta. This will allow us to test the end-to-end flow, identify bugs, and ensure the system functions as designed under real-world conditions.

The public beta will provide invaluable feedback on the usability of our platform. We will validate that the onboarding (KYC/AML) and mint/redeem processes are intuitive, efficient, and user-friendly.

Phase 3 - Launch and Market Adoption

In this Phase we aim to launch on the Mainnet and drive market adoption

Securing integrations with on/off-ramp providers and major Cardano DeFi protocols will serve as powerful external validation. These established projects will only integrate our stablecoin after conducting their own due diligence, providing a strong vote of confidence in our solution's viability and security.

[Milestones] Project Milestones

Milestone Title

Establish Legal Entity

Milestone Outputs

A legally registered corporate entity in a suitable, crypto-friendly EU jurisdiction (e.g., Portugal or Gibraltar). A formal, legally binding partnership agreement executed with our regulated Portuguese asset manager. A finalized legal opinion from qualified counsel confirming that our operational model and structure are designed for MiCA compliance.

Acceptance Criteria

• The corporate entity is fully registered, has a Tax ID number, and has successfully opened a corporate bank account.
• The partnership agreement is fully executed by all parties, clearly outlining roles, responsibilities, fee structures, and procedures for managing fiat reserves.
• The legal opinion confirms that our proposed structure is sound and provides a clear path to regulatory compliance.

Evidence of Completion

• We will provide a link to the official public corporate registry verifying the newly established entity.
• We will publish a redacted version of the signed partnership agreement, protecting sensitive details while confirming its execution.
• We will share a formal attestation letter from our legal counsel, confirming the completion of the regulatory review and the viability of our MiCA-compliant framework. Private and Sensitive information may be redacted from the letter.

Delivery Month

1

Cost

71714

Progress

10 %

Milestone Title

Operational Procedure Ensuring 1-to-1 Backing

Milestone Outputs

A comprehensive operational procedure document that details the end-to-end flow for minting and redeeming cEUR. This document will include detailed workflows for user KYC/AML, fund flow diagrams for both fiat deposits and withdrawals, the daily reconciliation process between on-chain supply and off-chain reserves, and the formal protocol for triggering and publishing reserve attestations

Acceptance Criteria

• The procedure document is formally approved and co-signed by both our project team and our regulated asset management partner.
• Procedures must be detailed enough for an independent party to understand the exact flow of funds and the controls that enforce 1:1 backing at all times.

Evidence of Completion

• A detailed document published online outlining the high-level operational flow for public review, highlighting the safeguards that ensure the 1:1 peg.
• Provide a public statement or co-signed letter from our asset management partner confirming their formal review and approval of these procedures.

Delivery Month

4

Cost

182143

Progress

40 %

Milestone Title

Website to Process Creation and Withdrawals (cEUR)

Milestone Outputs

A web-based platform (dApp) deployed on the Cardano testnet. The platform will feature a complete user journey, including account registration, an integrated KYC/AML onboarding module, a user dashboard for viewing balances and transaction history, and core functionalities for minting cEUR (via simulated fiat deposit) and redeeming cEUR (for simulated fiat withdrawal).

Acceptance Criteria

Users should be able to:

• Create an account and complete the KYC/AML process
• Connect their Cardano wallet (e.g., Nami, Eternl)
• Perform multiple end-to-end mint and redeem operations on the testnet
• The UI is intuitive and provides clear instructions.

The platform correctly interacts with our Aiken smart contracts on the testnet, using tools like MeshJS for transaction building and a public blockchain indexer such as Blockfrost, Koios, or Maestro.

Evidence of Completion

• A video walkthrough demonstrating the platform’s functionality.
• A link to a Cardano testnet explorer showing successful mint (creation) and burn (redemption) transactions initiated from the platform, verifying its on-chain functionality.

Delivery Month

6

Cost

123000

Progress

60 %

Milestone Title

Engage Community and Exchanges for Adoption

Milestone Outputs

A fully launched marketing and community engagement campaign designed to build awareness and drive early adoption. This includes an active and professionally managed presence on key social media platforms (Twitter, Discord/Telegram), a series of high-quality educational articles, and at least two formal partnership agreements with established Cardano projects (e.g., a DEX, wallet, or lending protocol) for post-launch integration.

We will engage reputable crypto media outlets such as Cointelegraph as well as more TradFi journals such as the Financial Times for in-depth articles and interviews. We will also engage with the Portuguese and European start up incubators to gather support for the project

Acceptance Criteria

• Minimum organic following of 2,000 on X (Twitter) and 500 active members in our main community channel (Discord or Telegram).
• Five educational articles published and accessible.
• Signed MOUs or LOIs with at least two reputable Cardano projects.

Evidence of Completion

We will provide:

• Links to active social media profiles and community channels showing growth.
• Links to all published articles and blog posts.
• Public announcements (from both us and our partners) confirming signed agreements and planned integrations, demonstrating ecosystem support.

Delivery Month

8

Cost

137714

Progress

70 %

Milestone Title

Mainnet launch of cEUR stablecoin

Milestone Outputs

The cEUR stablecoin is successfully launched on the Cardano mainnet. A significant and deep liquidity pool for a primary trading pair (e.g., cEUR/USDM) is established and seeded on at least one major, high-volume DEX (e.g. Minswap).

Acceptance Criteria

• The cEUR token is minted on the Cardano mainnet and its policy ID is publicly available.
• A liquidity pool of at least $200,000 (funded by the founders and partners) is live and fully functional on a top-tier Cardano DEX.
• Users are able to swap cEUR / USDM or DJED with minimal slippage for standard transaction sizes, demonstrating real utility.

Evidence of Completion

• The official policy ID of cEUR will be published and can be independently verified on a Cardano explorer such as Cardanoscan.
• A direct link to the live liquidity pool on the DEX interface will be shared, showing Total Value Locked (TVL) and current token balances.
• A formal public announcement will confirm the mainnet launch and the creation of the liquidity pool.

Delivery Month

10

Cost

110857

Progress

80 %

Milestone Title

Mechanism for New Stablecoins (Brazil, Angola and Mozambique)

Milestone Outputs

A comprehensive strategy and technical architecture document describing a scalable, repeatable framework for launching new Lusophone stablecoins that will include

• A legal roadmap for achieving regulatory compliance in Brazil and other target jurisdictions.
• A technical plan for adapting existing Aiken smart contracts to support new currencies.
• A business development plan for engaging local banks and on/off-ramp partners.

Acceptance Criteria

• A step-by-step plan that is both technically sound and legally viable.
• Identification of regulatory hurdles in Brazil, Angola, and Mozambique, with concrete solutions.
• A technical strategy showing how the current infrastructure can be efficiently replicated for multiple currencies without a full rebuild.
• A business plan naming at least two potential banking or on/off-ramp partners in Brazil.

Evidence of Completion

• Publication of the Strategy paper outlining the long-term strategy for a multi-currency Lusophone stablecoin network.
• The publication will include the legal, technical, and business roadmaps, demonstrating that we have a clear, researched plan for expansion.

Delivery Month

12

Cost

155143

Progress

100 %

[Final Pitch] Budget & Costs

Please provide a cost breakdown of the proposed work and resources

The budget is estimated based on 40 hours per week and 4 weeks per month.

Milestone 1: Establish Legal Entity

One Cardano Expert 40h per week for 4 weeks @ $60/h

One Finance Markets Expert 40h per week for 2 weeks @ $60/h

One Data Expert 40h per week for 2 weeks @ $60/h

Legal entity incorporation fees, government registration, obtaining Tax ID, basic administrative costs in Portugal or Gibraltar - 5,000 USD

Corporate bank Account opening fees, compliance/KYC support, initial deposit requirements - 3,000 USD

Partnership Agreement Drafting & Execution. Legal drafting, negotiation with regulated Portuguese asset manager, execution fees - 6,000 USD

Legal Opinion for MiCA Compliance. Formal review of operational model and structure by qualified EU counsel, issuance of legal opinion and attestation letter - 15,000 USD

Notarization, translations, minor consultancy, document filing, redaction of sensitive materials - 2,000 USD

Total 50,200 USD

Milestone 2: Develop the Operational Procedure Ensuring 1-to-1 Backing

One Cardano Expert 40h per week for 12 weeks @ $60/h

One Finance Markets Expert 40h per week for 14 weeks @ $60/h

One Data Expert 40h per week for 14 weeks @ $60/h

Engage specialised law firm to assist with creating detailed workflows, fund flow diagrams, KYC/AML processes, and reconciliation procedures - 10,000 USD

Regulatory counsel reviews procedures to ensure MiCA/other EU compliance, drafts formal approvals -20,000

Minor administrative costs, revisions, translations, or additional review by lawyers - 1,500 USD

Total 127,500 USD

Milestone 3: Build Website to Process Creation and Withdrawals (cEUR)

One Cardano Expert 40h per week for 8 weeks @ $60/h

One Finance Markets Expert 40h per week for 8 weeks @ $60/h

One Data Expert 40h per week for 8 weeks @ $60/h

Website design from an external design agency - 3,000 USD

Integration with a third-party compliance provider (e.g., Sumsub, Veriff, Onfido); includes licensing and initial setup - 10,000

Reserve for user onboarding. KYC costs around 4 USD per user. At 1,000 users this is equal to 4,000 USD

Minor administrative costs, revisions, translations, or additional review by lawyers - 1,500 USD

Smart contract and procedure audit/review by a reputable Cardano native auditors (e.g. TxPipe) - 10,000 USD

Total 86,100 USD

Milestone 4: Engage Community and Exchanges for Adoption

One Cardano Expert 40h per week for 8 weeks @ $60/h

One Finance Markets Expert 40h per week for 8 weeks @ $60/h

Social Media Marketing. Content creation (graphics, posts, threads), Twitter growth campaigns, influencer outreach - 20,000

PR & Media Outreach. Placement in outlets like Cointelegraph, Coindesk, and outreach to mainstream media (e.g., FT, local EU press); includes press release drafting and distribution - 25,000 USD

Events & Incubator Engagement. Networking with Portuguese/EU startup incubators, travel/events, presentations, and community workshops - 7,000 USD

Video & Creative Assets. Explainer videos, infographics, and branded visuals for campaigns - 6,000

Total 96,400 USD

Milestone 5: Mainnet launch of cEUR stablecoin

One Cardano Expert 40h per week for 8 weeks @ $60/h

One Finance Markets Expert 40h per week for 8 weeks @ $60/h

One Data Markets Expert 40h per week for 8 weeks @ $60/h

Exchange listing announcement, press releases, launch campaigns (crypto PR agencies, Cointelegraph placements, etc.) - 20,000

Total 77,600 USD

Milestone 6: Create Mechanism for New Stablecoins (Brazil, Angola and Mozambique)

One Cardano Expert 40h per week for 8 weeks @ $60/h

One Finance Markets Expert 40h per week for 8 weeks @ $60/h

Legal Research & Regulatory Filings for Brazil. Engagement with local law firms for stablecoin/regulatory compliance opinions, translations, and filing fees- 25,000 USD

Legal Research & Regulatory Filings for Angola and Mozambique. Smaller-scale legal reviews (light regulatory mapping, feasibility studies) - 12,000 USD

Due diligence, application fees, and preliminary agreements with potential banking/fiat partners (Brazil focus) - 8,000 USD

Purchase of specialized financial/regulatory datasets and market intelligence for Lusophone jurisdictions and consultation with local law firms - 6,000 USD

Total 108,600 USD

Total for project 546,400 USD

Given a high proportion of external expenses and long term nature of the project we have to go with a conservative ADAUSD exchange rate of 0.7 is assumed for the budgeting. Should the ADA price remain materially above this level then we will use the remainder of the funds to bootstrap additional liquidity on DEX in the cEUR/USDM pair

Total for project in ada 780,571

[Final Pitch] Value for Money

How does the cost of the project represent value for the Cardano ecosystem?

The new regulatory framework in Europe MiCa is great news for the crypto and blockchain environment, however it represents an arms race to which blockchains can capture this competitive space.

We have secured a partnership with 3 Comma Capital, a regulated asset manager in the eurozone. We believe that this partnership in itself is excellent value for money as it will streamline the regulatory effort for development of compliant stablecoins.

In addition to the regulatory savings our project also sets the ground for the launch of several emerging countries stable coins. Our project offers some economies of scale, as the tech and regulatory effort will be shared. Effectively will lead to the creation of 4 regulated stablecoins putting Cardano on the front row of the "regulated stablecoins" space.

At the end of the project we should have a EUR stablecoin with liquidity on DEXs (minimum $200k TVL) and in the media. With the success of the project we are confident that this would lead to further partnerships with this and other asset managers in Europe and as a result elevate Cardano’s reputation where stablecoins exist and have liquidity.

The budget reflects typical industry contract rates:

• $60/hour for senior developers. In line with global blockchain developer contract rates, often ranging from $50–$100/h
• $60/hour for financial markets data experts. In line with specialist quantitative finance/data engineering roles, in Western markets.

Typical range estimated from glassdoor.com

This proposal is a fraction of what is quoted by Circle to bring stablecoins onto Cardano - with quotes in the tens of millions of USD

[Required Acknowledgements] Consent & Confirmation

Terms and Conditions:

Yes