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AllUnity launched USDAU on September 30, 2026, a US dollar stablecoin issued under the European Union's MiCA framework. The token holds a one-to-one peg through segregated reserves and went live on six networks: Ethereum, Solana, Base, Tempo, Arc, and Polygon. It is the company's fourth fiat-backed stablecoin.
Eligible institutional clients can mint and redeem at par through AllUnity's Business Mint Account. The launch is paired with Instant FX, which lets businesses move between supported currencies on the company's stablecoin rails inside the same account.
AllUnity is a joint venture between DWS, Deutsche Bank's asset management arm, Flow Traders, and Galaxy. It received an e-money institution licence from Germany's BaFin on July 1, 2025.
A European issuer launching a dollar token is not a contradiction. It is an attempt to move dollar settlement inside a supervisor's reach rather than compete with the currency.
Key Takeaways
- AllUnity launched USDAU on September 30 across six blockchain networks.
- The token is pegged one-to-one to the dollar through segregated reserves.
- Banking Circle handles reserve and transaction banking, Flowdesk provides liquidity.
- Instant FX lets businesses convert between AllUnity currencies in one account.
- Dollar tokens hold more than 99% of the roughly $291 billion market.
Where It Launched
USDAU is available at launch on Ethereum, Solana, Base, Tempo, Arc, and Polygon. That is an unusually wide day-one footprint for a European issuer, and the selection says something about the intended users.
Two of those chains are new. Tempo and Arc both launched this year as payment-focused networks aimed at institutional settlement rather than retail trading.
Arc opened its public mainnet this month with BlackRock, DTCC, Visa, and Mastercard among its validators, which we covered in our report on the Arc mainnet validators. Deploying there on day one puts USDAU next to the institutions those chains were built for.
Who Supports the Token
Banking Circle provides reserve and transaction banking services for the dollar reserves behind USDAU. Flowdesk supplies liquidity.
Several other financial and digital asset firms are supporting the launch across reserves, liquidity, redemptions, and conversion back into fiat. That division of labour is the standard shape for a regulated issuance stack, where the issuer holds the licence and specialists handle each layer.
Instant FX is the piece worth watching. It turns AllUnity's separate currency tokens into a conversion network rather than four unrelated products, which is where a multi-currency issuer earns its position.
The Existing Tokens Are Very Small
AllUnity already issues EURAU for the euro, CHFAU for the Swiss franc, and SEKAU for the Swedish krona. The circulating numbers are the part most coverage leaves out.
CoinGecko measures EURAU's market capitalisation at roughly $400,000 and CHFAU's at about $45 million. A euro stablecoin from a Deutsche Bank joint venture sitting under half a million dollars is a regulatory achievement rather than a commercial one so far.
Europe's broader euro effort faces the same gap between licensing and adoption. Thirty-seven banks are launching their own token on public Ethereum, which we covered in our report on that MiCA euro stablecoin.
Why a European Issuer Builds a Dollar Token
Dollar-pegged tokens account for more than 99% of the roughly $291 billion global stablecoin market by capitalisation. Any European issuer that wants meaningful volume has to reach that demand rather than wait for it to switch currencies.
Chief executive Alexander Höptner framed the issue as supervisory rather than monetary, arguing Europe's concern is dollar liquidity flowing through offshore issuers with no European supervisor, no enforceable redemption rights, and no visibility into reserves. On that reading, USDAU competes with Tether and Circle rather than with the dollar.
The practical offer to European exchanges and payment firms is dollar exposure with an EU-supervised counterparty. Whether that is worth switching for depends on how much institutions value enforceable redemption over liquidity depth.
The MiCA Backdrop Is Not Settled
The launch lands while European policymakers are still arguing about how stablecoins should be structured under MiCA. The ECB and EU central banks have sought changes to the framework's minimum bank deposit requirement for stablecoin reserves.
That matters for an issuer building a multi-currency network now. Reserve composition rules that change after launch would touch every token AllUnity has issued, not just the newest one.
Two Dollar Expansions at Once
The timing is worth noting against what Washington is reportedly considering. The Trump administration has been weighing an initiative to promote dollar stablecoins overseas, which we covered in our report on the overseas dollar push.
USDAU is the inverse approach. Instead of exporting dollar tokens from US issuers, it brings dollar settlement under European supervision, which reaches a similar outcome for dollar usage while changing who holds the enforcement lever.
FAQs:
1. What is USDAU?
A US dollar stablecoin launched by European issuer AllUnity on September 30, 2026, maintaining a one-to-one peg through segregated reserves under the EU's MiCA framework. It is the company's fourth fiat-backed token, after euro-backed EURAU, Swiss franc-backed CHFAU, and Swedish krona-backed SEKAU.
2. Which blockchains support USDAU?
Six at launch: Ethereum, Solana, Base, Tempo, Arc, and Polygon. Tempo and Arc are both payment-focused networks launched this year and aimed at institutional settlement rather than retail trading.
3. Who is AllUnity?
A joint venture between DWS, the asset management arm of Deutsche Bank, market maker Flow Traders, and Galaxy. It was granted an e-money institution licence by Germany's BaFin on July 1, 2025, and is led by chief executive Alexander Höptner.
4. How do institutions get USDAU?
Eligible institutional clients mint and redeem at par through AllUnity's Business Mint Account. Banking Circle provides reserve and transaction banking for the dollar reserves, and Flowdesk supplies liquidity for the token.
5. What is Instant FX?
An addition to AllUnity's Business Mint Account allowing institutional users to move between supported currencies using the company's stablecoin infrastructure. Clients can mint supported currencies and shift value between them within the same business account.
Disclaimer:
This content is provided for informational and educational purposes only and does not constitute financial, investment, legal, or tax advice; no material herein should be interpreted as a recommendation, endorsement, or solicitation to buy or sell any financial instrument, and readers should conduct their own independent research or consult a qualified professional.
