Angle Protocol: An Overview
Angle is an open-source, decentralized, capital-efficient and over-collateralized protocol that lets users mint and burn stablecoins 1:1 against supported crypto collateral. It issues euro-pegged EURA and operates across multiple blockchains.
Quick answer
Angle is an open-source, decentralized, capital-efficient and over-collateralized protocol that lets users mint and burn stablecoins 1:1 against supported crypto collateral. It issues euro-pegged EURA and operates across multiple blockchains.
Angle is an open-source, decentralized, capital-efficient, and over-collateralized stablecoin protocol that enables the minting and burning of agTokens at a one-to-one ratio against approved crypto collateral.
Overview
Developed by engineers at Angle Labs, the protocol launched in November 2021 and is purpose-built to create stablecoins pegged to various values on decentralized networks such as Ethereum, Polygon, and Optimism.
The protocol's primary stablecoin, EURA, is tied to the euro (€). Angle aims to support a broad set of Forex-pegged stablecoins, including plans to add the US dollar, and debuted on mainnet with a euro stablecoin, positioning itself as the first liquid euro stablecoin.
History
Angle made its public debut in July 2021 at ETHCC, followed by the publication of documentation and developer tooling in August 2021. In September 2021, Angle Protocol and Angle Analytics launched, and Angle Labs raised $5 million in a funding round led by Andreessen Horowitz, with participation from Fabric VC, Wintermute, Divergence Ventures, Global Founders Capital, Alven, Julien Bouteloup, and Frédéric Montagnon.
In November 2021, Angle introduced the EURA and ANGLE tokens; EURA rapidly became the largest euro stablecoin with a total supply of 100 million. The project released veANGLE in January 2022 and added ETH as accepted collateral within the Core module in April 2022.
By February 2023, EURA held a 70% share of DEX trade volume for euro pairs and was integrated with Transak to enable euro withdrawals to bank accounts. In May 2023, Angle launched the Transmuter backing mechanism. In April 2024, Angle released USDA, a U.S. dollar–pegged stablecoin designed to keep a 1:1 peg and fully collateralized by on-chain assets, supporting minting and redemption across multiple blockchains via Angle’s platform.
agToken
agTokens are Angle-issued stablecoins that are decentralized and over-collateralized, meaning the backing assets exceed the tokens' value. Their stability is governed by smart contracts rather than being supported by fiat reserves in corporate bank accounts. Currently, the protocol issues EURA, a euro-pegged stablecoin.
From agEUR to EURA
On March 14, 2024, the protocol rebranded its euro-pegged token from agEUR to EURA to improve industry alignment and reduce possible confusion with other products. The rename only affected the token's label; the underlying contracts, addresses, and functionality stayed the same and no new token was minted. The change was approved through a Snapshot governance vote.
USDA Token
USDA is a decentralized, over-collateralized, yield-bearing stablecoin pegged to the U.S. dollar that aims to preserve a 1:1 parity while delivering native yield to holders via the protocol’s reserve assets. USDA functions alongside EURA to facilitate on-chain forex markets and efficient swaps between the two currencies.
Tokenomics
ANGLE's total initial supply is 1,000,000,000 with Angle Governor Multisig as the only minting address. The distribution was structured to be multi-year and durable until the protocol reached widespread adoption.
EURA
EURA is positioned as the primary decentralized euro stablecoin, usable as a treasury asset, medium of payment, and yield-bearing instrument. It enables users and businesses to diversify stablecoin holdings away from the US dollar, transact in local currency, and earn additional yield.
- 40% of tokens are being distributed through whitelisted contracts (called gauges)
- 20% of the tokens are controlled by the DAO Treasury
- 12% of the initial ANGLE is held by Angle Labs in a multi-sig
- 18% to Angle Labs team members
- 10% to early backers
Frequently Asked Questions
What is Angle?
Angle is an open-source, decentralized, capital-efficient and over-collateralized protocol that lets users mint and burn stablecoins 1:1 against supported crypto collateral. It issues euro-pegged EURA and operates across multiple blockchains.
How does Angle work?
Angle operates through smart contracts deployed on the Ethereum blockchain. Users interact directly with the protocol via a web interface or wallet integration — no account creation or KYC is required. All operations are settled on-chain and are publicly verifiable.
Is Angle safe to use?
Angle has undergone smart contract audits and is among the more established protocols in DeFi. However, all DeFi protocols carry inherent risks including smart contract vulnerabilities, oracle failures, and liquidation risk. Users should only commit funds they can afford to lose and review the protocol's audit reports before participating.
What blockchain is Angle built on?
Angle is primarily deployed on Ethereum. Many leading DeFi protocols are also expanding to Layer-2 networks such as Arbitrum, Optimism, and Base to reduce transaction costs and improve throughput.
What are the risks of using Angle?
Key risks include smart contract exploits, governance attacks, oracle manipulation, liquidity crises, and regulatory uncertainty. DeFi protocols are uninsured — losses from exploits are typically not recoverable. Always review audits and understand the mechanism before depositing funds.
How do I get started with Angle?
To use Angle, you need a self-custody wallet (such as MetaMask or Rabby), ETH for gas fees, and the relevant tokens for the action you want to perform. Visit the official protocol interface, connect your wallet, and follow the on-screen steps. Start with a small amount to familiarise yourself with the UX.
What token does Angle use?
Angle typically has a native governance token that allows holders to vote on protocol parameters, fee structures, and treasury allocations. Check the protocol's documentation for the current token ticker, total supply, and distribution schedule.
Who created Angle?
Angle was founded by a team of blockchain developers and DeFi researchers. The protocol is typically governed by a decentralised autonomous organisation (DAO), meaning ongoing development and parameter changes are decided collectively by token holders rather than a central company.
What is the total value locked (TVL) in Angle?
Angle's TVL fluctuates with market conditions and can be tracked in real time on DeFiLlama (defillama.com). TVL measures the total value of assets deposited into the protocol and is a key indicator of user confidence and liquidity depth.
How does Angle compare to other DeFi protocols?
Angle is differentiated by its specific mechanism, fee structure, and supported assets. Comparing protocols should include factors such as audited security posture, capital efficiency, governance maturity, cross-chain availability, and historical uptime. DeFiLlama and Dune Analytics provide side-by-side comparative data.