SCF #15
Award Completed
EURC Soroban

EURC Soroban offers a collateral-backed EUR Stablecoin with ramps, pools & swaps to projects building on Soroban & new to Stellar

Budget request:

Project Stage




Based in


Team size


Active since

February, 2022
Products & Services

Project Description

MYKOBO is a Euro anchor on Stellar and the issuer of the EURC token with support for SEP-1, SEP-6, SEP-10, SEP-12, SEP-24 & SEP-31. The MYKOBO mobile app is custodial and available on Android and iOS.

The tokens curated in the app are EURC, XLM, USDC & AQUA. The curated liquidity pools are XLM-EURC, EURC-USDC & AQUA-EURC.

The EURC Soroban project will wrap the curated tokens currently available in the MYKOBO app and integrate these tokens into a Soroban version of the MYKOBO app with support for KYC, on/off ramps, swaps and liquidity pools.

This project will deliver a full-featured Soroban-ready app powered by a Soroban-ready backend infrastructure using smart contracts.

The EURC Soroban project will implement:

  • Open source project code to serve as a template to spur the wider Stellar ecosystem as well as those new to Stellar to work on Soroban by lowering the barrier to entry.
  • An API to enable Decentralised Applications (dApps) built on Soroban to access KYC (similar to SEP-12), on/off ramps (similar to SEP-6), collateralised tokens (EURC, USDC), other tokens (XLM, AQUA) and familiar features like liquidity pools and swaps.
  • A cookbook with plug-and-play contracts to access the API.
  • Instant EURC Soroban custodial account balance information.

The objective of the EURC Soroban project is to provide a subset of the utility of Stellar Classic natively on Soroban. This would lead to the following benefits:

  • Smart contract developers on other Blockchains will be motivated to build on Soroban using the EURC Soroban token. This is because the wrapped EURC Soroban token will implement the token interface on Soroban which follows the EVM's ERC-20 token standard widely used on other blockchains that support smart contracts.
  • More dApps with utility will be built on Soroban because the EURC Soroban project code is open source and the cookbook implemented will make it easier for developers building on Soroban to adapt the project code for other use cases.
  • The combination of fiat-backed tokens like EURC Soroban and more developers building dApps with utility will lead to an influx of EUR liquidity from other Blockchains to Stellar overall via the EURC Soroban token.
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Previous Project(s)
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Progress so far

We see the following progress since the last SCF submission in 2022. The data below was updated on 15th of May 9.30 EET.

  • Trust Lines: 1,986, a growth of 945%
  • Funded wallets: 485, a growth of 1,517%
  • Total Payments Count: 4,666, a growth of 704%
  • Overall Payments Volume: 522,530, a growth of 2,803%
  • Total Trade Count: 93,130, a growth of 521%
  • Overall Traded Volume: 475,050, a growth of 1,821%
  • Locked Liquidity XLM/EURC: 1,780, a growth of 75%
  • Locked Liquidity EURC/USDC: 1,975, a growth of 72%

The monthly EURC attestations are available at

The EURC SDEX asset page is available at

To get there, we request a budget of  
Additional information

Deliverable 2

The objective of Deliverable 2 is to provide on/off ramps, swaps and liquidity pools in the app. An endpoint for custodial account balance information will be implemented.

  • Implementation of the banking rail to support deposits.
  • Implementation of the banking rails to support withdrawals.
  • Implementation of swaps for curated tokens. There is currently no SDEX support on Soroban.
  • Implement EURC Soroban - Wrapped USDC, Wrapped XLM - EURC Soroban and Wrapped AQUA - EURC Soroban liquidity pools.
  • Creation of an IBAN for qualified users after execution of KYC.
  • Implement in-app support for ramps, pools and swaps.
  • Implement the functionality within the MYKOBO banking gateway to provide custodial account balance.
Pitch deck
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First Deliverable

Deliverable 1

  • Implementation of a Core backend on Soroban. We have built a simple core backend on Soroban as a foundation for continued development.
  • Wrapping of curated tokens. Due to time constraints, we have only wrapped the EURC Soroban token and will continue with the others (USDC and AQUA) as the project continues. The token can be found here:
  • Minting the EURC Soroban token. A small amount of EURC Soroban is sent to the wallet created in the stand alone app on Android.
  • Implementation of KYC functionality using a 3rd party provider. We have integrated the basic KYC functionality. The full KYC process with selfies, proof of liveliness will be added as development continues.
  • Implement the in-app Soroban toggle to switch the app to use the Soroban layer on Stellar.  We have built a stand alone app on Android which communicates exclusively with Soroban, we took this step in order not to disrupt current EURC operations. We will deploy an iOS version via TestFlight as the project continues.

How can a reviewer check you completed your first deliverable?

A reviewer will be able to install a standalone Android app available here:

The reviewer will be able to complete KYC and reach a dashboard where it will be possible to copy the wallet address or listed transactions to paste into for review.

To make review easier there is no validation on the KYC form such as the IBAN validation we normally carry out. Random input can be used.


MYKOBO provides a bridge connecting the European financial infrastructure to the blockchain using Stellar and the collateral-backed EURC Stablecoin backed 1:1 with the Euro fiat currency. EURC is used to provide on/off ramps and cross border border payments.


Seyi Akin-Olugbemi – CEO (

  • A fintech professional who has been in the industry since 2013. He is experienced in the following areas: payments, sales lifecycle, business operations, and technical implementation with involvement in markets segments such as travel, iGaming, retail, gaming, astrology, forex, crypto and blockchain.
  • Seyi has worked in senior operations, sales and business development roles for companies such as TrustPay, Dimoco Payment Services, Daotec and Daopay. He resides in Vilnius, Lithuania.

Kwabena Aning – CTO (

  • Specialised in producing, managing and monitoring software projects and taking responsibility for the development lifecycle.
  • As a senior engineer with American Express, Kwabena worked on teams focused on cross-border payments as well as building the API to make interbank payment settlements. He also worked as a lead software engineer for World First leading the development team in system automation in line with a pre-existing service-oriented architecture strategy. He is located in the UK, within the London boroughs.

Toyedayo Osilaja - Director

  • A businessman experienced in project planning,  management, real estate,  sales and marketing gained working in the Telecommunications, Logistics and Energy industries.

Bazuaye Osazee - Director

  • He is behind brands such as Cocoon Lifestyle as well as Brass and Copper. Bazu's experience at promoting events in Europe targeting the diaspora is invaluable.

Olobusola Osilaja – Head of Strategy and Business Development


  • Is a chartered banker (ACIB, MCIBS) with MBAs from Warwick Business School and Bangor University respectively and an MSc in Marketing & Corporate Communications from the IE School of Human Sciences and Technology (HST).
  • Olubusola brings 20 years of experience in the Financial Services industry to the EURC project and her expertise covers the following areas: Managing electronic channels, Digital and mobile payments, Strategic marketing and communications, Risk management, and Treasury. Olubusola was Head, Electronic Payments & Digital Channels & (Domestic & International) at Access Bank PLC - F headed up the digital channels services for Access Bank PLC, - one of the five largest banks in Nigeria, and Africa’s leading bank by customer base.

Jamie Slaats – Head of Operations (

  • Jamie has been in the software industry for over 15 years. His experience covers revenue operations, sales, business development and business operations at organisations such as MSC Software, HP Software, HPE Software and Micro Focus.
  • His background includes a BBA with specialities in International Finance and Accounting and International Marketing and Management.

Ieva Varatinskyte - Head of Compliance


  • In addition to transaction monitoring, Ieva is the CO responsible for the implementation of measures to prevent money laundering and terrorist financing.
  • Ieva's experience comes from the banking sector at Danske Bank and she is currently undertaking a Master's degree in financial auditing.

Jūratė Varatinskienė - MLRO

  • Money laundering reporting officer responsible for regulatory reporting to the  Financial Crime Investigation Service under The Ministry of the Interior of the Republic of Lithuania

Jordan Harry - Head of Marketing(

  • Over the past decade, he has helped great brands become memorable such as FTSE 500 companies like Unilever, De-Fi projects, and crypto influencers. He is well-connected within the blockchain space as the host of The Super Investor Show.

Amrith Srinivas - Junior Full Stack Engineer(

  • I'm a passionate software engineer especially interested in building performant, groundbreaking blockchain applications and services. Using technology, I hope to help expand financial inclusivity and lower the global barriers to entry for economic innovation.

The MYKOBO team has a great deal of experience in the Fintech space ranging from technical implementation to compliance and payments. In addition the team is experienced at managing a business and generating revenue.