EU Issuers Boost Dollar Stablecoins Despite Euro Strengthening Push
European stablecoin issuers are pushing for regulated US dollar tokens despite the EU's efforts to strengthen the euro. One such issuer, AllUnity, has launched its MiCA-regulated US dollar-pegged stablecoin USDAU, which expands its lineup beyond euro-denominated offerings.
CoinGecko data shows that USDSM and USDCV, two European-issued dollar stablecoins, have a market size of roughly $13 million each, compared to the dominant global tokens Tether USDt (USDT) and Circle's USDC at $184 billion and $74 billion respectively.
Industry players argue that euro strengthening does not eliminate the need for dollar liquidity in cross-border commerce and payments between Europe, the UK, and North America. AllUnity CEO Alexander Höptner stated that the dollar remains a central 'glue' for settlement in global trade and FX markets.