AllUnity launches MiCA-backed USD stablecoin; euro token small

AllUnity launched USDAU on Sept. 30, 2026. The token is a US-dollar stablecoin issued under the EU’s Markets in Crypto-Assets (MiCA) framework and is backed one-to-one by segregated dollar reserves. Eligible institutional clients can mint and redeem USDAU at par through AllUnity’s Business Mint Account.

The issuer is a Frankfurt-based joint venture of DWS, Flow Traders and Galaxy. AllUnity received an e-money institution licence from Germany’s BaFin on July 1, 2025. USDAU went live on six blockchains at launch: Ethereum, Solana, Base, Tempo, Arc and Polygon. Banking Circle provides reserve and transaction banking and Flowdesk supplies market liquidity.

The launch included Instant FX, a feature that lets clients convert between AllUnity’s supported stablecoins within the same account. AllUnity describes Instant FX as a conversion network that keeps settlement on the firm’s rails rather than routing through separate off-ramps.

Tempo and Arc are payment-focused networks that opened this year for institutional settlement. Arc’s public mainnet went live this month with validators that include BlackRock, DTCC, Visa and Mastercard. Deploying USDAU on these networks places the token on chains aimed at institutional counterparties.

Chief executive Alexander Höptner described Europe’s concern as ‘dollar liquidity flowing through offshore issuers with no European supervisor, no enforceable redemption rights, and no visibility into reserves.’ He framed USDAU as a way to provide US-dollar settlement under EU supervision.

Dollar-pegged tokens account for more than 99% of about $291 billion in total stablecoin capitalisation. AllUnity’s euro token EURAU has a market capitalisation of roughly $400,000, the Swiss-franc token CHFAU about $45 million, and the company also issues SEKAU for the Swedish krona.

AllUnity’s issuance model uses a licensed issuer to hold public authorisation while specialist partners handle reserve banking, liquidity and redemptions. The debate over MiCA reserve rules is ongoing; central banks in the euro area and the ECB have proposed changes to minimum bank deposit requirements for stablecoin reserves that could affect existing tokens.

Commercial uptake will be measured by institutional use of minting, redemption and Instant FX services compared with established dollar stablecoins.