Product overview
The token
We issue MiCA-compliant e-money tokens on the Base blockchain, offered to partners and holders across the EU. Each token is pegged 1:1 to a fiat currency, with separate contracts, reserves, and verification per currency. See Supported tokens for the current token registry.
Issuance is focused on trusted, onboarded partners — licensed CASPs and financial institutions that have passed our KYB process. Redemption is open to any holder at par, per Art. 49.
Why privacy matters
On a public blockchain, all balances and transfers are visible to everyone by default. For a financial institution, this is a problem — transaction amounts, counterparty relationships, and portfolio positions are sensitive data. Protecting this data is not a feature, it is the regulatory standard. Financial privacy is a baseline expectation under GDPR, banking secrecy laws, and established financial services practice.
Public tokens leak this data by design. Our tokens solve this.
How it works
Our tokens support two balance types:
Public balances — standard ERC-20 behavior, fully visible on-chain. Used where transparency is required or preferred.
Encrypted balances — account balances and transfer amounts are encrypted on-chain. Only the holder and authorized parties can read actual values. All operations (transfers, mints, burns) are mathematically verified without revealing amounts.
Public and encrypted balances use separate addresses with different formats. Holders can move tokens between the two layers. The backoffice shows all data in plaintext regardless of the layer — decryption is handled transparently.
Staying compliant
Encrypted balances do not mean reduced regulatory control. We maintain full compliance capability through two mechanisms:
Freeze list. We can freeze any address on either layer — public or encrypted — blocking it from sending tokens. This covers law enforcement requests, sanctions obligations, stolen funds, and internal compliance flags. The Chainalysis sanctions oracle additionally blocks OFAC-sanctioned addresses automatically on every transfer.
Anonymity revoking. When a valid request requires it — regulatory inquiry, law enforcement order, court order, or internal compliance need — we can decrypt specific encrypted data. This requires quorum approval from a committee of independent external law firms. No single party can decrypt unilaterally. Decryption is scoped to what is requested; all unrelated data remains private.
Privacy by default. Full regulatory access when needed. Standard compliance workflows apply. For details on how both balance types work in practice, see Compliant privacy.