Documentation

The model

ETL is issued on Stellar and nowhere else. Any other chain can only host a wrapper, and that wrapper must be 1:1 backed by ETL locked on Stellar. The 1 ETL ≈ €1.00 reference is maintained by transparent reserves and the ECB oracle — it is not a promise, not insurance and not a bank deposit.

Invariants

• sum(wrapped) <= locked_ETL_on_stellar
• issuer_balance ∉ backing
• native_issuer == stellar
• peg_reference == 1.00 EUR (reference, not guarantee)

Formulas

• price_eur = reserve_EURC / reserve_ETL
• price_usd = price_eur × ECB(EUR/USD)
• deviation_% = (price_eur − 1) / 1 × 100
• health: |dev| < 0.5 % healthy · < 2 % warning · else broken
• pool_value_eur = 2 × reserve_ETL × price_eur
• fx_fair = 1 / ECB(EUR/USD) · corridor = ± 0.369 %
• gold_per_gram = gold_per_ounce / 31.1034768

How to verify it yourself

Every number here comes from a public source with no API key. Open the same Horizon call, the same account on stellar.expert and the same ECB XML. If they disagree, the terminal is wrong, not you.

• Horizon liquidity pools
• stellar.expert explorer
• ECB daily reference rates

Keys and custody

This terminal is not a custodian. A seed phrase lives only in component memory — never in localStorage, never in a server function, never in the address bar. Anything heading for telemetry or a log passes through the redaction layer first, which strips seed phrases, private keys and tokens.