Parallel

Euro-denominated stablecoins are scarce, and Parallel is one of the few minted entirely onchain rather than issued by a bank. Built by Mimo Labs as a collateralized-debt protocol across Ethereum, Polygon and Fantom, PAR is created when users lock volatile assets like ether, wrapped bitcoin or USDC into a vault and borrow against them, targeting a value of one euro. There is no fiat reserve behind it; the peg is held by over-collateralization and governed by MIMO token holders, and redemption means repaying your loan to reclaim collateral rather than cashing out with a company. That makes PAR fully permissionless but also dependent on collateral health and on arbitrageurs to keep it near a euro. It has remained a small, DeFi-native instrument, useful mainly to users who want euro exposure or euro-denominated borrowing without touching the traditional banking system.