‘Euro stablecoin isn’t enough’: EU issuers make case for USD tokens

Several European stablecoin issuers are rolling out US dollar-pegged tokens and arguing that euro-denominated stablecoins alone do not meet businesses' need for dollar liquidity in global trade and settlement. Firms including AllUnity, Stable Mint and Societe Generale-FORGE say regulated dollar stablecoins can serve practical cross-border payment and treasury functions while operating under EU rules like MiCA.

By AI Newsroom· Reviewed by Pranav, Founder & Editor-in-ChiefPublished less than a minute agoUpdated less than a minute ago0 views

Why It Matters

The push highlights a tension in EU policy goals to strengthen the euro with market demand for dollar-denominated digital cash; how regulators shape rules for dollar stablecoins will affect which institutions supply dollar liquidity to European users. Decisions made in the MiCA review and by market participants could influence cross-border settlement flows and interoperability between euro and dollar token ecosystems.

Key Facts

New launch: AllUnity launched USDAU, a US dollar-pegged stablecoin, expanding its MiCA-regulated offerings.
Usage figures (Stable Mint): Stable Mint's USDSM has moved more than $380 million onchain across 3.8 million transfers and is held by over 2,600 addresses (company figures as of Wednesday).
Existing euro/dollar token from SG-FORGE: Societe Generale-FORGE launched USD CoinVertible (USDCV) in 2025.
Market size comparison: CoinGecko lists USDSM and USDCV at about $13 million each versus $184 billion for Tether (USDT) and $74 billion for Circle's USDC.
Regulatory context: Issuers reference the EU's Markets in Crypto-Assets (MiCA) framework and its ongoing review.

European stablecoin issuers are increasingly arguing for the need to offer regulated dollar-denominated tokens alongside euro-pegged options, saying businesses require USD liquidity for international payments and settlement. AllUnity, a German firm operating under MiCA rules, introduced USDAU this week to broaden its regulated stablecoin lineup beyond euro-linked products.

Company leaders cited practical market demand rather than monetary preference as the driver. AllUnity CEO Alexander Höptner described the dollar as central to global trade and foreign-exchange markets and said euro-only offerings leave European corporates short when making cross-border payments. Stable Mint's CEO James Bennett and Fiat Republic's Adam Bialy made similar points, with Bennett noting that demand resides with dollar stablecoins and Europe can only decide who issues them and under which rules.

Usage data from issuers shows some onchain activity but relatively small market share versus established global tokens. Stable Mint reported USDSM moved over $380 million across 3.8 million transfers and is held by more than 2,600 addresses. Nonetheless, price-aggregator CoinGecko places Europe-issued dollar tokens such as USDSM and SG-FORGE's USDCV at roughly $13 million each, far below Tether's USDT at about $184 billion and Circle's USDC at about $74 billion.

Industry participants framed the development not as a euro-vs-dollar rivalry but as a case for diversified, interoperable liquidity. Societe Generale-FORGE said the objective should be a resilient ecosystem where users can access both euro and dollar digital cash under solid regulation. As the EU continues its MiCA review and the European Central Bank voices concern about stablecoins reinforcing dollar dominance, the debate centers on how to allow regulated dollar tokens in Europe while maintaining oversight of issuers and reserves.