Wirex — Optimizing EURC Yield Across Aave and Morpho With Meta Vaults

Introduction

Wirex is a UK-headquartered stablecoin payments company founded in 2014 by co-CEOs Pavel Matveev and Dmitry Lazarichev. A licensed Electronic Money Institution with Visa and Mastercard principal memberships, Wirex serves more than 7 million users across 130 countries and has processed over $20 billion in transactions. Its onchain stablecoin infrastructure, Wirex Pay, powers real-time card and banking payments directly from self-custody wallets. In 2025 Wirex became the first company to settle Visa transactions in EURC in the EU and launched dual USDC and EURC settlement on Stellar.

Wirex issues WEUR, a synthetic euro token backed 1:1 by EURC. To earn the best available onchain yield on that backing without manually moving funds between protocols, Wirex deployed the EURC behind WEUR into a Yield.xyz Meta Vault on Base. The vault allocates across Aave and Morpho, and Yield.xyz's APY optimizer continuously steers capital toward whichever strategy generates higher yield.

Challenges

• The EURC backing WEUR was idle. Wirex wanted it earning, but euro stablecoin yield is spread across lending markets whose rates move independently and often.
• Capturing the best rate over time means watching every market and rebalancing between them. Doing that by hand is slow, error-prone, and does not scale with the size of the backing.
• Each lending protocol has its own integration, deposit caps, and liquidity profile. Building and operating connectors for every market Wirex might want to use would be ongoing engineering work.
• As the backing for a user-facing token, the setup had to be audited, restricted to Wirex's own depositor addresses, and safe by default: no move that leaves capital stranded or forces a penalized exit.

Yield.xyz Solution

• One Meta Vault, multiple strategies: Wirex supplies EURC to a dedicated Yield.xyz Meta Vault on Base, an ERC-4626 contract audited by Zellic. The vault holds positions in several underlying strategies at once and manages the allocation between them, so Wirex integrates one contract rather than each protocol.
• Wirex selected the strategy set: Wirex chose two of the deepest EURC markets on Base: Aave's EURC lending market and the Gauntlet EURC Balanced vault on Morpho. Yield.xyz runs the integrations, and Wirex can add or swap strategies as EURC liquidity develops.
• APY optimizer, no manual intervention: Every day the optimizer recalculates the ideal split from live APYs which include incentive rewards. Each strategy keeps a configured minimum share for diversification. All remaining weight goes to the highest-yielding strategy up to what it can accept, and any overflow cascades to the next-best. The vault then moves deployed funds toward that target.
• New deposits go straight to the best strategy: A keeper runs every 10 minutes, deploys idle EURC above a configured threshold, and places it into whichever strategies are below target. New backing never waits for the daily run.
• Safe by construction: Moves are capped at a fixed share of the vault per day, withdrawals from a strategy never exceed its instantly available liquidity minus a safety buffer, and there is no forced deallocation.
• Governed access: Deposits are restricted to whitelisted Wirex addresses, and vault upgrades go through a multisig so the contract can track upgrades to the underlying protocols.

Results & Impact

• The EURC backing WEUR earns the best available rate across Aave and Morpho continuously, with Wirex setting the strategy set and minimums and the optimizer doing the rest.
• Wirex went from fixed target weights at launch to fully APY-driven allocation within its first week, by changing a configuration rather than its integration.
• Adding an additional EURC strategy as the market deepens is a simple vault configuration change.