AllUnity, a German stablecoin issuer, launched a US dollar-pegged token called USDAU on Wednesday, extending its MiCA-regulated product line beyond European currencies, according to Cointelegraph. The company’s chief executive, Alexander Höptner, said the dollar functions as the connecting layer in global trade and foreign exchange, and that offering European corporates only a euro stablecoin is not enough for cross-border payments.
His argument was echoed by other issuers operating under the EU’s Markets in Crypto-Assets framework, who told Cointelegraph that demand for dollar tokens in Europe reflects practical business needs rather than a preference policymakers can redirect. Cryptobriefing reported the same pitch with a sharper framing: Europe has spent years building a stablecoin rulebook, and some of the firms operating under it now say the continent also needs dollar tokens, not only euro ones.
Also read: 50,000 Europeans Urge EU to Ease MiCA Stablecoin Reward Rules
Key facts
- AllUnity launched USDAU, a US dollar-pegged stablecoin, on Wednesday; Cryptobriefing dates the launch to around September 30, 2026.
- CoinGecko data cited by Cointelegraph put USDSM and USDCV at roughly $13 million each, compared with about $184 billion for Tether’s USDT and $74 billion for Circle’s USDC.
- Cryptobriefing reported that euro stablecoin supply stood at approximately €794 million (about $900 million) on September 23, 2026, against more than $311 billion for dollar stablecoins, with over 99% of the stablecoin market pegged to the US dollar.
- Within the euro segment, Circle’s EURC held a supply of around €460 million and Societe Generale Forge’s EURCV approximately €190 million, per Cryptobriefing.
- As of early October 2026, 25 companies were authorised as MiCA e-money token issuers across the EU, according to Cryptobriefing.
Issuers frame dollars as an addition, not a rival
Stable Mint chief executive James Bennett told Cointelegraph that dollar stablecoins are where demand sits and that Europe cannot wish that away, adding that what Europe can control is who issues such tokens to European users and under which rules. Stable Mint’s USDSM stablecoin has moved more than $380 million onchain across 3.8 million transfers and is held by more than 2,600 addresses, figures the company provided as of Wednesday.
Fiat Republic chief executive Adam Bialy said the demand he sees comes from practical needs rather than speculation, pointing to crypto platforms and stablecoin companies that want round-the-clock dollar settlement. A regulated dollar token, he said, can reduce friction in cross-border settlement between Europe, the UK and North America.
Also read: EU officials plan MiCA revision to regulate non-European stablecoin issuers
Societe Generale-FORGE, the digital asset arm of the French bank, told Cointelegraph that the objective is not to oppose dollar stablecoins but to support a diversified market in which users can reach both euro and dollar digital cash under a strong regulatory framework. The company said its USD CoinVertible, launched in 2025, has drawn interest for trading, settlement, collateral management and treasury operations.
Höptner framed the opportunity as building interoperable financial infrastructure that links dollar liquidity with European banks and businesses, rather than a contest between the US and Europe. Cryptobriefing noted that Circle issues USDC alongside EURC, that Paxos offers the dollar token USDG, and that SG-Forge has added dollar products next to EURCV.
Why it matters
The debate lands while the EU reviews MiCA and the European Central Bank continues to raise concerns that stablecoins reinforce the dollar’s global role. The issuers’ core claim is supervisory: a dollar token issued under MiCA gives European regulators visibility over the reserves backing it, a view they lose when users hold offshore dollar stablecoins outside EU oversight.
The gap is stark. Dollar-pegged tokens dominate the market by an overwhelming margin, and the euro-denominated segment remains a small slice. Skeptics could read the same trend differently, since every regulated USD token issued in Europe arguably deepens reliance on a currency the bloc does not control.
What to watch
The EU’s ongoing MiCA review and the ECB’s stance on stablecoins are the near-term reference points for how far European dollar issuance can grow. Circle has also urged the EU to revise stablecoin reserve rules as part of that process. Separately, CoinGecko’s running supply figures for USDSM and USDCV will show whether regulated European dollar tokens gain ground on USDT and USDC.
This article is not financial advice. Cryptocurrency markets are volatile and uncertain, and token supplies, market caps and regulatory treatment can change quickly.
Reported by cointelegraph.com.
Sources: Cointelegraph, Cryptobriefing