Angle Protocol is a French-founded decentralized stablecoin protocol that launched November 2021, pioneering agEUR — the largest decentralized Euro-pegged stablecoin in DeFi — using an over-collateralized minting system where users deposit crypto (ETH, USDC, etc.) to mint agEUR at the EUR/USD exchange rate, with Hedging Agents (leveraged traders) taking on the collateral’s price risk to maintain the system’s collateral ratio, and Standard Liquidity Providers absorbing residual risk in exchange for yield, before pivoting to Transmuter (a simpler multi-collateral mint/redeem system) and launching USDA following a $17.5 million Euler Finance exposure loss in March 2023, governed by ANGLE token holders.
| Stat | Value |
|---|---|
| Ticker | ANGLE |
| Price | $0.02 |
| Market Cap | $3.23M |
| 24h Change | +0.0% |
| Circulating Supply | 201.48M ANGLE |
| Max Supply | 1.00B ANGLE |
| All-Time High | $2.33 |
| Contract (Ethereum) | 0x3142...14c2 |
How It Works
Angle V1 (Core Module — agEUR)
- Hedging Agents (HAs) — Leveraged traders who take on the price risk of the protocol’s collateral. HAs go long on the collateral asset (e.g., ETH/USD) using a perpetuals-like mechanism. If ETH rises, HAs profit; if ETH falls, the protocol’s collateral buffer absorbs the loss up to HA coverage.
- Standard Liquidity Providers (SLPs) — Deposit stablecoins to provide additional reserve backing and earn yield from HA fees and lending of idle collateral.
- Transmuter (V2) — Angle’s simplified collateral-swap mechanism: users can always swap approved reserve assets (USDC, EUROC, stEUR) 1:1 for agEUR or redeem agEUR for reserve assets. Similar in design to Curve’s 3pool mechanics.
- USDA — Angle expanded to issue USDA, a USD-pegged stablecoin using the Transmuter model, backed by a basket of USD-denominated reserve assets.
Tokenomics
| Parameter | Value |
|---|---|
| Ticker | ANGLE |
| Max supply | 1,000,000,000 (1 billion) |
| Distribution | Community (52%), team + advisors (18%), investors (18%), DAO treasury (12%) |
| Governance | ANGLE holders vote on supported collateral, fees, treasury allocation |
| veANGLE | Vote-escrowed ANGLE for governance boost and fee share |
Use Cases
- Euro stablecoin — agEUR provides DeFi users a Euro-denominated stable asset for cross-border payments, European market exposure, and Eurozone inflation hedging.
- USDA — Dollar stablecoin from a European-focused protocol with transparent reserve management.
- DeFi liquidity — agEUR deployed as liquidity in Curve, Uniswap, and Aave Euro markets.
History
- 2021-11-02 — Angle Protocol launches on Ethereum mainnet with agEUR minting (Core Module). The launch is backed by a16z (Andreessen Horowitz), Paradigm, and other top-tier VC investors — an unusual vote of confidence for a Euro stablecoin project.
- 2022 — agEUR becomes the largest decentralized Euro stablecoin by supply, reaching tens of millions in circulation. The May 2022 UST/Terra collapse does not directly affect agEUR (as it is over-collateralized with real crypto assets, not algorithmically stabilized), but contributes to broader stablecoin caution.
- 2023-03-13 — Euler Finance is hacked for $197M. Angle Protocol had approximately $17.5M of its Savings contract (used to hold SLP reserves and earn yield) deployed in Euler’s eUSDC and eDAI. Angle immediately pauses agEUR minting. The Euler attacker later voluntarily returns the hacked funds (within 17 days), and Angle recovers 100% of its Euler-deployed funds.
- 2023-Q2 — Angle launches Transmuter, replacing the Core Module’s complex HA mechanism with a simpler reserve-backed direct mint/redeem system. Transmuter is simpler, more gas-efficient, and easier to understand.
- 2024 — Angle launches USDA, extending its stablecoin suite to USD denomination. The protocol continues operating with a French DeFi team and European regulatory focus, positioning for potential MiCA (Markets in Crypto-Assets) regulatory frameworks in Europe.
Common Misconceptions
“agEUR is algorithmically pegged like UST.”
agEUR is over-collateralized by real crypto assets (ETH, USDC, stablecoins). The peg is maintained by direct mint/redeem against collateral, not algorithmic mechanisms. The $17.5M Euler exposure was a yield strategy on reserves — not a fundamental design flaw in agEUR’s collateral model.
“ANGLE is primarily a speculative token.”
ANGLE provides genuine governance utility in one of DeFi’s more substantive stablecoin protocols. veANGLE holders direct a portion of protocol fees and control key parameters. The token’s value is connected to Angle Protocol’s continued agEUR and USDA adoption.
Social Media Sentiment
Angle Protocol enjoys a positive reputation in European DeFi circles as the project most seriously pursuing a decentralized Euro stablecoin. The a16z and Paradigm backing lend credibility; the French team’s focus on MiCA compliance is often cited positively. The swift recovery from the Euler hack (due to the attacker’s voluntary fund return) was praised. Critics note agEUR’s supply remains small relative to USDC and USDT, limiting real-world utility for now.
Last updated: 2026-04
Related Terms
Sources
- CoinGecko — Angle (ANGLE) — token supply and market data.
- Angle Protocol Documentation — official technical documentation.
- DeFiLlama — Angle — TVL and protocol metrics.