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EURC Core Summary
Peter Thiel's Founders Fund led the $5 million acquisition of Anvl governance tokens. Investment partners include Pantera Capital, Bullish, Theta Blockchain Ventures and Protoscale Capital. Anvil sold tokens held by its treasury rather than minting new supplies. The agreement releases a software development kit (SDK) that allows companies to integrate Anvl without having blockchain coding expertise. Currently, Anvl's total lock-in value is approximately US$10 million, down from the high of US$109 million set in July 2025.
How Anvl works
Anvl is a decentralized financial protocol based on Ethereum that focuses on digital asset collateral. Similar to traditional bank letters of credit, this protocol uses blockchain technology to implement payment obligations and credit guarantees. In the conventional financial system, banks act as intermediaries to guarantee payments when certain conditions are met; in Anvl, automated smart contracts replace bank intermediaries. Participants deposit assets such as ETH or USDC in a vault to endorse them as collateral rather than lend them. The system does not charge interest, does not support lending functions, and has no fees at the agreement level. Recent management decisions have expanded the range of acceptable collateral and now support EURC, cbBTC, sUSDe, WBTC and wstETH in addition to existing options. In terms of security measures, Anvl has been audited by OpenZeppelin and Trail of Bits, and has implemented two vulnerability bounty programs through the Immunefi platform.
Data and Background of Anvl
Anvl was officially launched in January 2025 and was initially developed by the Acronym Foundation as an open source project, with no external capital introduced in the early stages. Based on data from different tracking platforms, its current total lock-in value is between $10 million and $14 million, down significantly from its peak of about $109 million in July 2025. The maximum supply of ANVL tokens is 100 billion, and current circulation is estimated at between 80 billion and 88 billion, of which about 60% is distributed to partners and community participants. The agreement was established by Tyler Spalding, who co-founded cryptocurrency payment provider Flexa. Spalding said Anvl's architecture reduces some of the default risks inherent in traditional financial systems while generating guarantees. Anvl Research Labs confirmed that multiple organizations, including Consensus, Bitcoin.com and Flexa, are using or evaluating its technology. Bullish, which owns CoinDesk, is investigating potential applications of the agreement within its operating framework. In contrast, the broader DeFi lending ecosystem is far larger than Anvl's current size. According to DefiLlama data, the combined DeFi lending agreement manages approximately US$56 billion in assets, with Aave and Morpho dominating the field.
