European stablecoin issuers are making the case for regulated US dollar tokens, saying the European Union’s effort to strengthen the euro does not erase businesses’ need for dollar liquidity in global payments and settlement.
German issuer AllUnity launched its US dollar-pegged stablecoin USDAU on Wednesday, extending its MiCA-regulated lineup beyond European currencies.
「In global trade and FX markets, the US dollar is the glue,」 AllUnity CEO Alexander Höptner told Cointelegraph. He added: 「For European corporates to make cross-border payments globally, offering only a euro stablecoin isn’t enough.」
The push by European issuers into dollar stablecoins comes as the EU reviews its Markets in Crypto-Assets, or MiCA, framework, while the European Central Bank continues to raise concerns that stablecoins could reinforce the dollar’s global dominance.
Issuers say Europe cannot ignore demand for dollars
Stable Mint CEO James Bennett said demand for dollar stablecoins in Europe reflects practical business needs, not something policymakers can simply redirect toward the euro.
「Dollar stablecoins are where the demand is, and Europe can’t wish that away,」 Bennett told Cointelegraph. 「What Europe can control is who issues them to European users, and under which rules.」
According to figures provided by the company as of Wednesday, Stable Mint’s USDSM has moved more than $380 million onchain across 3.8 million transfers and is held by more than 2,600 addresses.
Fiat Republic CEO Adam Bialy made a similar point, citing demand from crypto platforms and stablecoin companies that want round-the-clock dollar settlement.
「The demand we are seeing is driven by practical needs, not speculation,」 Bialy told Cointelegraph. He said a regulated dollar token can reduce friction in cross-border settlement between Europe, the UK and North America.
Not a euro-versus-dollar argument
Societe Generale-FORGE, the digital asset subsidiary of French banking group Societe Generale, said the goal should be a diversified market rather than opposition to dollar stablecoins.
A company spokesperson told Cointelegraph: 「We believe the objective is not to oppose dollar stablecoins, but to foster a diversified and resilient ecosystem where users can access both euro and dollar-denominated digital cash solutions within a robust regulatory framework.」
SG-FORGE said its USD CoinVertible, or USDCV, launched in 2025, has drawn interest for trading, settlement, collateral management and treasury operations.
Despite that interest, Europe-issued dollar stablecoins remain tiny compared with Tether’s USDT and Circle’s USDC. CoinGecko data cited in the report puts USDSM and USDCV at about $13 million each, versus $184 billion for USDT and $74 billion for USDC.
Höptner described the opportunity in similar terms, saying it is not 「US versus Europe」 but an effort to build interoperable financial infrastructure linking dollar liquidity with European banks and businesses.