sEUR

sEUR was Synthetix's synthetic euro, a token that tracked the euro's price without ever holding one. It was never backed by fiat: SNX stakers minted it against over-collateralized crypto debt, and an oracle kept it tracking the reference rate. That design has now been retired. Synthetix has wound down its legacy synths, deprecating them on Optimism and freezing redemption at an oracle price during a limited treasury window in early 2026, after which the token no longer functions as a live, peg-holding instrument. Anyone still holding sEUR is left with a deprecated asset rather than a working euro stablecoin, and the protocol has steered users toward swapping into sUSD ahead of the deadlines. It is best understood as a piece of DeFi history from Synthetix's derivatives era, not a euro token to hold or use for payments now.