Germany now has a fully regulated euro stablecoin. AllUnity, a joint venture backed by DWS (Deutsche Bank’s asset manager), Galaxy and Flow Traders, has launched EURAU, described as the country’s first MiCA-compliant euro token issued under a BaFin e-money institution (EMI) license. The ERC-20 asset is designed for banks, fintechs and corporates that need instant, regulated euro settlement on-chain.
CoinDesk, which first reported the launch, said EURAU will debut with BTC/EURAU and USDC/EURAU trading pairs on Bullish Europe, where Flow Traders will provide liquidity as market maker. (Bullish owns CoinDesk.) The issuer positions EURAU as Germany’s first euro stablecoin licensed by BaFin and issued in full compliance with the EU’s Markets in Crypto-Assets Regulation (MiCAR).
How EURAU is structured — license, chain, reserves
AllUnity’s regulatory footing comes via an EMI authorization from BaFin, the license category MiCA ties to euro-denominated stablecoins. Industry outlets tracking the approval through July emphasized the MiCA-aligned route and the firm’s positioning for institutional adoption.
Technically, EURAU runs on Ethereum as an ERC-20 token, with the issuer saying reserves are 100% cash-equivalent and held across European banks, alongside routine proof-of-reserves disclosures for transparency. CoinDesk’s report also name-checks BitGo and Fireblocks as infrastructure partners supporting custody and operational security.
In the last two weeks, AllUnity announced specific reserve and custody relationships: Bankhaus Metzler (Germany’s oldest private bank) as a designated Reserve Bank for collateral and BitGo for institutional-grade wallet and custody infrastructure—moves meant to reassure regulated treasuries.
Trading launch and liquidity plans
At launch, Bullish Europe—a BaFin-regulated exchange—lists EURAU against BTC and USDC, with Flow Traders acting as the initial liquidity provider. The listing is part of a broader push to seed price discovery and integrate the token into exchange, custody and payment workflows that institutions already use. Bullish has posted a dedicated EURAU asset page as markets prepare to open trading.
Who’s behind AllUnity—and why this matters for Europe
AllUnity was formed by DWS, Galaxy and Flow Traders to build a euro stablecoin with bank-grade governance from day one. The venture secured its BaFin EMI license in early July, clearing the final regulatory hurdle before going live. Trade publications and enterprise-blockchain trackers framed the authorization as a milestone for MiCA-era euro tokens.
Bloomberg reporting adds that the company is already in talks with roughly 30 corporations about potential EURAU use, underscoring the issuer’s B2B focus as it courts treasury, settlement and payments teams across the bloc.
Intended use cases: B2B payments, treasury, on-chain settlement
On its public site, AllUnity pitches EURAU for 24/7 B2B payments and remittances, corporate treasury management (payroll, vendor payments, liquidity sweeps) and on-chain settlement for exchanges and tokenized-assets platforms. The message: regulated euros that can move instantly like crypto, yet sit inside a bank-custodied, MiCA-supervised perimeter.
Context: MiCA goes live and the euro stablecoin race heats up
EURAU arrives into a European market reshaped by MiCA, which sets strict rules for e-money tokens, reserve quality, disclosure and redemption. Earlier this month, coverage noted BaFin’s EMI license for AllUnity as part of a wave of MiCA-conforming issuers vying to become the default euro rail for fintechs and institutions. Analysts expect banks and corporates to prefer tokens with clear licensing (EMI), bank-held reserves and frequent audits.
What’s different about EURAU—and what to watch next
Regulated from launch. EURAU’s EMI license and MiCA alignment place it within Europe’s most stringent stablecoin framework, which may lower onboarding friction for banks and listed corporates versus offshore or unlicensed euro tokens.
Bank-custodied reserves. Partnerships such as Metzler Bank (reserve bank) could make EURAU easier to adopt for risk committees that prefer familiar counterparties and segregation of funds at supervised institutions.
Exchange integration on day one. Opening pairs on Bullish Europe with Flow Traders as market maker provides immediate price discovery and secondary-market liquidity—critical for corporate treasury usage and settlement flows.
Enterprise pipeline. Bloomberg’s reporting that AllUnity is speaking with 30 companies is a useful demand check; watch for pilot announcements in B2B payouts, marketplace settlement or tokenized-securities platforms during H2.
Open questions and risks
- Scale and redemption. MiCA mandates tight reserve, redemption and disclosure rules. The market will scrutinize proof-of-reserves cadence, audit scope and how quickly EURAU can be redeemed for euros at par during stress.
- Competition. EURAU joins a growing field of euro stablecoins moving to MiCA compliance. Share will likely be shaped by bank partnerships, exchange liquidity, and integrations into ERP and payment processors. (Industry trackers have flagged multiple MiCA-aligned launches through July.)
- Adoption beyond crypto. The strategic prize is enterprise payments—recurring AP/AR, market settlement, even machine-to-machine micropayments. AllUnity’s ability to convert today’s pipeline into live volumes will determine whether EURAU becomes a default euro rail or remains niche.
The bottom line
EURAU is Germany’s first BaFin-licensed, MiCA-compliant euro stablecoin, issued by AllUnity on Ethereum and launching with exchange liquidity and bank-held reserves. It arrives at the exact moment Europe’s new rulebook takes effect—setting a test case for whether regulated euro tokens can move from crypto-native trading into the enterprise payment stack. If the issuer delivers on transparency and bank partnerships, EURAU could become a bellwether for how euro stablecoins scale under MiCA.