EU Stablecoin Issuers Push for Regulated USD Tokens Despite Euro Focus

European stablecoin issuers are calling for regulated US dollar-pegged tokens, arguing that efforts to strengthen the euro cannot eliminate businesses' fundamental need for dollar liquidity in global trade. AllUnity, a German stablecoin issuer backed by Deutsche Börse, launched its MiCA-regulated US dollar-pegged stablecoin USDAU on Wednesday, expanding its lineup beyond European currencies. CEO Alexander Höptner told Cointelegraph that the US dollar remains the "glue" in global trade and FX markets, and that offering only a euro stablecoin is insufficient for European corporates executing cross-border payments.

The push comes as the EU reviews its Markets in Crypto-Assets (MiCA) framework and the European Central Bank continues to express concerns that stablecoins reinforce the dollar's global dominance. Stable Mint CEO James Bennett dismissed the idea that policymakers could simply redirect demand toward the euro. "Dollar stablecoins are where the demand is, and Europe can't wish that away," Bennett said, adding that regulators can instead control which issuers serve European users and under what rules. The company's USDSM stablecoin has processed over $380 million across 3.8 million onchain transfers and is held by more than 2,600 addresses. Fiat Republic CEO Adam Bialy echoed that sentiment, noting that crypto platforms and stablecoin companies are seeking 24/7 dollar settlement to reduce friction in cross-border transactions between Europe, the UK, and North America.

France's Societe Generale-FORGE (SG-Forge) framed the issue as one of coexistence rather than competition. A spokesperson said 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's USD CoinVertible (USDCV), launched in 2025, has attracted interest for trading and settlement use cases. Circle, the issuer of USDC, has also urged the EU to revise stablecoin reserve rules under the ongoing MiCA review, signaling that both European and American stablecoin providers see regulatory clarity as critical to the region's competitiveness in the global digital asset market.