European Stablecoin Issuers Push for Regulated US Dollar Tokens

European stablecoin issuers are pushing for regulated US dollar tokens as a complement to euro-pegged offerings, citing real cross-border business and settlement needs rather than speculation. On Wednesday, German issuer AllUnity launched its MiCA-regulated US dollar-pegged stablecoin USDAU, expanding its product range.

AllUnity's CEO Alexander Höptner explained that the dollar functions as a 'glue' currency across international markets, particularly for payments and FX execution. He argued that offering only a euro stablecoin is not enough for European corporates that need to move value globally.

Euro-issued dollar stablecoins remain far smaller than global leaders Tether's USDT ($184 billion) and Circle's USDC ($74 billion), according to CoinGecko categorization data. However, issuers like Stable Mint and Societe Generale-FORGE (SG-Forge) are tying demand to operational needs rather than speculative behavior.

The European Central Bank has raised concerns about stablecoins that could 'reinforce the dollar's global dominance', but AllUnity's leadership framed the opportunity as infrastructure-building rather than a geopolitical duel. The target is to connect dollar liquidity with European banks and businesses through interoperable financial rails.