European stablecoin companies are arguing that the region’s effort to strengthen the euro should not come at the expense of access to regulated US dollar tokens. They say businesses involved in global payments, trading and settlement still need dollar liquidity, and that offering only euro-denominated digital cash would leave an important practical requirement unmet.
AllUnity, a German stablecoin issuer, launched USDAU on Wednesday, expanding its MiCA-regulated product range with a token pegged to the US dollar. The company had previously focused its lineup on European currencies. According to Cointelegraph, the launch comes as the European Union reviews its Markets in Crypto-Assets Regulation, known as MiCA, while the European Central Bank continues to warn that stablecoins could reinforce the dollar’s international position.
Issuers say business demand is driving the market
Alexander Höptner, AllUnity’s chief executive, said the dollar remains central to global trade and foreign-exchange markets. In his view, European companies making cross-border payments need access to dollar liquidity, meaning a euro stablecoin by itself cannot meet all of their requirements.
The argument from European issuers is that the demand is rooted in how companies conduct international business rather than in a preference that policymakers can easily change. Dollar-denominated transactions remain relevant for firms dealing across regions, particularly where payment and settlement flows connect Europe with the United Kingdom, North America and other markets.
James Bennett, CEO of Stable Mint, said Europe could not simply wish away demand for dollar stablecoins. He argued that the more immediate policy question is which companies issue those tokens to European users and what regulatory standards apply to them.
Stable Mint said its USDSM stablecoin had moved more than $380 million onchain through 3.8 million transfers and was held by more than 2,600 addresses as of Wednesday. An onchain transfer is a transaction recorded on a blockchain, while a stablecoin is a digital token designed to maintain a stable value against an underlying asset such as a fiat currency.
Adam Bialy, CEO of Fiat Republic, also described demand from crypto platforms and stablecoin firms seeking continuous dollar settlement. He said a regulated dollar token could reduce friction in cross-border settlement involving Europe, the UK and North America. The companies’ comments present dollar stablecoins as tools for payments and treasury activity, rather than products driven primarily by speculation.
A diversified market rather than a currency contest
Societe Generale-FORGE, the digital-asset subsidiary of French banking group Societe Generale, said the issue should not be framed as a direct contest between the euro and the dollar. The company said the objective should instead be a diversified and resilient ecosystem in which users can access both euro- and dollar-denominated digital cash under a robust regulatory framework.
SG-FORGE’s USD CoinVertible, or USDCV, was launched in 2025. The company said the token has attracted interest for trading, settlement, collateral management and treasury operations. Collateral management involves handling assets that support financial obligations, while treasury operations cover activities such as managing liquidity and payments within a business.
AllUnity’s Höptner similarly described the opportunity as building interoperable financial infrastructure that connects dollar liquidity with European banks and companies, rather than treating the market as a choice between the United States and Europe. Interoperability refers to the ability of different financial and blockchain systems to work with one another.
The debate is unfolding while European authorities consider the future application of MiCA. The framework provides rules for crypto-asset markets in the European Union, including stablecoin issuers. At the same time, the ECB has raised concerns that wider stablecoin use could strengthen the dollar’s global dominance. The competing priorities are therefore access to the currency most requested for international settlement and efforts to increase the role of the euro in digital finance.
European dollar tokens remain small beside US leaders
Despite the interest described by European issuers, their dollar-pegged stablecoins remain very small compared with the leading global tokens. CoinGecko values the market capitalization of Stable Mint’s USDSM and SG-FORGE’s USDCV at about $13 million each.
That compares with approximately $184 billion for Tether’s USDT and $74 billion for Circle’s USDC. The comparison shows the scale gap that European issuers would need to close if locally regulated dollar tokens are to become significant alternatives in the broader stablecoin market.
The launch of USDAU adds another European-regulated dollar token to that emerging segment. The companies’ position is not that euro stablecoins lack a role, but that businesses operating across borders require access to more than one currency. For policymakers, the discussion now concerns how to accommodate that demand while maintaining regulatory oversight and supporting the euro’s place in digital payments.
Moneyiar market picture
Moneyiar data at 2026-10-03 09:14:00 +03:30 shows Stable at $0.0265788512, down 6.11% over 24 hours but up 1.34% over seven days. Gnosis was $116.9139997402, down 3.54% in 24 hours and up 1.56% over seven days. Ethereum Name Service stood at $6.7372567379, down 4.06% over 24 hours and 5.11% over seven days. At 2026-10-03 09:13:00 +03:30, AKEDO was $0.032725447, up 4.64% over 24 hours and down 0.63% over seven days.
