German stablecoin issuer AllUnity launched the USDAU dollar token on Wednesday, expanding its MiCA-regulated product line beyond European currencies.

European companies need dollar liquidity for cross-border settlements

AllUnity CEO Alexander Höptner noted that the dollar remains the key currency in global trade and FX markets, so a euro stablecoin alone is not sufficient for European corporations to make global payments. According to Stable Mint CEO James Bennett, demand in Europe is shifting toward dollar stablecoins; authorities may regulate who issues such tokens and under what conditions for European users. Fiat Republic head Adam Bialy added that the demand comes from crypto platforms and stablecoin companies that require round-the-clock dollar settlements between Europe, the UK, and North America, and that a regulated dollar token reduces friction in cross-border settlements.

Höptner emphasized that the goal is not "US versus Europe," but to create compatible infrastructure that connects dollar liquidity with European banks and businesses.

USDSM processed over $380 million on-chain across 3.8 million transfers

According to Stable Mint, its USDSM stablecoin has moved more than $380 million on-chain through 3.8 million transfers and is held on over 2,600 addresses.

European USD stablecoins remain small compared to USDT and USDC

According to CoinGecko, the market capitalization of USDSM and USD CoinVertible (USDCV) from Societe Generale-FORGE is about $13 million each, while USDT stands at $184 billion and USDC at $74 billion. SG-Forge reported that USDCV, launched in 2025, is attracting interest for trading, settlements, collateral management, and treasury operations.

MiCA review and ECB concerns over dollar dominance

The push for dollar stablecoins by European issuers comes as the MiCA framework is under review in the EU, while the ECB continues to express concerns that stablecoins reinforce the global dominance of the dollar.