By integrating AllUnity’s EURAU, the German exchange giant deepens its multi-issuer euro-stablecoin strategy aligned with MiCA, signaling Europe’s increasing institutional shift toward on-chain finance.
Deutsche Börse has taken another major step in its digital-asset expansion, confirming plans to integrate EURAU, the euro-pegged stablecoin issued by AllUnity. This marks the exchange operator’s third euro stablecoin initiative, following earlier partnerships with Circle’s EURC and Societe Generale-Forge’s EURCV. The move underscores a broader push across the European Union to bring institutional-grade stablecoins into mainstream market infrastructure.
Deutsche Börse Sets Up Full-Spectrum Stablecoin Integration
According to Wednesday’s announcement, Deutsche Börse will begin by offering institutional custody of EURAU through Clearstream, its central securities depository. The plan includes a future “integration of the euro stablecoin across the entire service portfolio,” signaling a long-term commitment to embedding tokenized euros into trading, settlement, and liquidity ecosystems.
The integration taps into a sizable market: Deutsche Börse’s domestic equity market represents $2.23 trillion in capitalization with 474 listed companies, according to World Federation of Exchanges data.
A Multi-Issuer Strategy to Lead Europe’s Stablecoin Market
With EURAU added to the roster, Deutsche Börse now covers three distinct categories of euro stablecoins:
- EURAU (AllUnity) — issued by a BaFin-licensed German e-money institution
- EURCV (Societe Generale-Forge) — backed by a major EU banking group
- EURC (Circle) — issued by a leading U.S. digital-asset firm
Analysts say this “all-fronts” approach reflects a desire for resiliency and regulatory alignment. One expert noted that “no single issuer is likely to dominate the euro-stablecoin market under MiCA, so infrastructure operators want broad interoperability.”
AllUnity CEO Alexander Höptner said the partnership is aimed at “making on-chain cross-border payments and digital assets accessible to institutional market participants.”
Stephanie Eckermann of Deutsche Börse added that the goal is to “build a seamless bridge between the established financial world and the future of digital assets,” emphasizing that institutional-grade stablecoins play a central role in that transition.
EU Stablecoin Adoption Rises Under MiCA — But From a Low Base
The initiative aligns squarely with the European Union’s MiCA regulatory framework, fully implemented at the end of 2024. The announcement called the project a “tangible step toward digitizing European markets and enhancing settlement and liquidity processes.”
Höptner also noted that “Europe is taking a global lead in regulated digital finance.”
Still, despite momentum, current adoption remains modest. The European Central Bank recently stated that stablecoin-related risks are limited in the euro area due to low usage and strong regulatory safeguards.
Some policymakers argue that euro-denominated stablecoins are needed to reduce dependence on dollar-backed tokens. As Pierre Gramegna, managing director of the European Stability Mechanism, recently said, “Europe should not be dependent on US dollar-denominated stablecoins.”
Traditional Finance Joins the Race
Momentum is growing across European financial institutions. In the past two months:
- ODDO BHF launched a MiCA-compliant euro stablecoin.
- A consortium of nine major European banks — including ING and UniCredit — announced a new euro-pegged token under MiCA.
With Deutsche Börse now integrating EURAU alongside EURC and EURCV, the exchange giant is building one of the most comprehensive stablecoin infrastructures in the EU — a move likely to accelerate institutional settlement and tokenized-asset adoption across the region.
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