Pegana tracks EURC's peg continuously and publishes a verifiable receipt for every state change. Circle Euro Coin (EURC) last traded at - against an intrinsic value of -.
EURC is an FX-referenced stablecoin, so its intrinsic value tracks a non-USD currency rather than the dollar. Pegana computes EURC’s intrinsic value from its peg mechanism and compares it against the best executable market quote. The spread is smoothed, classified against EURC’s own calibrated thresholds with hysteresis, and every state change emits a public receipt that anyone can re-derive byte-for-byte with the open-source methodology crate.