AllUnity launches USDAU as EU stablecoin issuers make case for dollar tokens
In brief
- AllUnity launched USDAU, a US dollar-pegged stablecoin, expanding its MiCA-regulated lineup beyond European currencies.
- European issuers argue the euro push doesn't remove businesses' need for dollar liquidity.
- Stable Mint says USDSM moved over $380 million onchain across 3.8 million transfers.
- USDSM and USDCV each sit near $13 million on CoinGecko, versus $184 billion for USDT.
Issuers say the demand is practical
AllUnity CEO Alexander Höptner told Cointelegraph that a euro-only stablecoin offering isn't enough for European corporates making cross-border payments globally. He said the opportunity isn't "US versus Europe." It's about building interoperable financial infrastructure that connects dollar liquidity with European banks and businesses.
Stable Mint CEO James Bennett made a similar argument, saying the demand reflects practical business needs rather than something policymakers can steer toward the euro.
“Dollar stablecoins are where the demand is, and Europe can’t wish that away,”
Fiat Republic CEO Adam Bialy pointed to crypto platforms and stablecoin companies that want round-the-clock dollar settlement. A regulated dollar token, he said, can reduce friction in cross-border settlement between Europe, the UK and North America.
A policy backdrop that's moving
The issuers' push into dollar tokens comes as the EU reviews its MiCA framework and the ECB keeps raising concerns that stablecoins reinforce the dollar's global dominance.
SG-Forge (the digital asset subsidiary of French banking group Societe Generale) said the goal should be a diversified market, not opposition to dollar stablecoins. The company said its USD CoinVertible (USDCV), launched in 2025, has drawn interest for trading, settlement, collateral management and treasury operations.
Still tiny next to USDT and USDC
The numbers are still small.
According to Stable Mint's own figures, its USDSM token had moved more than $380 million onchain across 3.8 million transfers and was held by more than 2,600 addresses as of Wednesday. Market capitalization tells a different story. CoinGecko data cited by Cointelegraph put USDSM and USDCV at about $13 million each, versus $184 billion for Tether's USDT and $74 billion for Circle's USDC (figures that change over time).
That gap is the backdrop for every one of these launches. Europe-issued dollar stablecoins remain a rounding error next to the two incumbents, and the issuers are betting that regulated, MiCA-compliant supply is what European corporates will reach for when they need dollars on the blockchain.
Frequently asked questions
Why are European stablecoin issuers launching dollar tokens?
Issuers told Cointelegraph that Europe's push to strengthen the euro doesn't remove businesses' need for dollar liquidity. AllUnity CEO Alexander Höptner said a euro-only stablecoin isn't enough for corporates making global cross-border payments, while Fiat Republic CEO Adam Bialy cited demand for round-the-clock dollar settlement.
How big are Europe-issued dollar stablecoins compared with USDT and USDC?
They're still small. CoinGecko data cited by Cointelegraph put Stable Mint's USDSM and SG-Forge's USDCV at about $13 million each in market capitalization, versus $184 billion for Tether's USDT and $74 billion for Circle's USDC. Those figures change over time.
