European Stablecoin Issuers Make the Case for Regulated US Dollar Tokens

European stablecoin companies are arguing that regulated US dollar tokens still have a place, even as the EU works to strengthen the euro. German issuer AllUnity launched USDAU, a dollar-pegged stablecoin, on Wednesday, widening its MiCA regulated lineup beyond European currencies. CEO Alexander Höptner said the dollar is the glue of global trade and FX markets, so offering only a euro stablecoin falls short for European firms making cross-border payments. The move arrives while the EU reviews MiCA and the ECB keeps warning that stablecoins could reinforce the dollar’s global dominance.

Why Europe Cannot Ignore Dollar Demand

Stable Mint CEO James Bennett said demand reflects real business needs and cannot simply be steered toward the euro. What Europe can control, he added, is who issues dollar tokens to its users and under which rules. Stable Mint’s USDSM has moved over $380 million across 3.8 million transfers and has more than 2,600 holders. Fiat Republic CEO Adam Bialy pointed to crypto platforms seeking round-the-clock dollar settlement between Europe, the UK and North America.

Diversified Stablecoin Market, Not Euro Versus Dollar

SG-Forge, Societe Generale’s digital asset arm, said the aim is a resilient market offering both euro and dollar digital cash. Its USD CoinVertible, launched in 2025, draws interest for trading, settlement, collateral and treasury. Still, USDSM and USDCV hold about $13 million each, against $184 billion for USDT and $74 billion for USDC.