All newly created EUL tokens enter circulation initially via a smart contract called the Euler Treasury. The treasury is managed by EUL token holders through on-chain and off-chain governance procedures and overseen by the Euler Foundation.
The address for the treasury is: 0xcAD001c30E96765aC90307669d578219D4fb1DCe.
The wallet holding treasury assets is a Gnosis Safe MultiSig smart contract wallet. A MultiSig wallet requires multiple private key signatures to authorise transactions. In the case of the Euler Treasury, 4 out 9 signatures are required for every transaction.
The identity of the signers of the MultiSig cannot be revealed, for obvious security reasons. However, signers come from a pool of 6 different organisations and, through their contract with the Euler Foundation, are obliged to carry out the wishes of the Euler DAO.
The MultiSig, along with its signers, are can be viewed publicly here: