Why local stablecoins matter for European businesses

If your business holds stablecoins, there is a good chance they are in dollars. US dollar-backed stablecoins dominate the stablecoin market, and for most of the market's history they were the only liquid, institutionally viable option. For a US business, that default is reasonable. For a European business whose payroll, supplier invoices, and treasury obligations are denominated in euros, it introduces friction that doesn't need to exist.

The dollar default in stablecoins is a legacy of where the market developed, not a deliberate choice made by European businesses. It is worth reconsidering.

What your business is actually holding when it holds a dollar stablecoin

Currency exposure your treasury didn't choose

A dollar stablecoin keeps its value in US dollars. For a European business whose operating costs and obligations are in euros, holding USD stablecoins means carrying dollar exposure on the balance sheet by default. When the dollar weakens against the euro, as it did significantly in 2025, the real value of that stablecoin position falls in euro terms even though the token itself hasn't moved.

That may be intentional for some treasury strategies. But for businesses that simply want stable value in the currency of their operations, a dollar stablecoin introduces a mismatch that compounds every time you transact.

Reserve and regulatory exposure outside European jurisdiction

Dollar stablecoins are backed by US dollar reserves, typically a mix of US Treasury bills, money market funds, and cash held at US institutions. For a European business, that means counterparty exposure to US banking infrastructure and dependence on US regulatory decisions that sit outside European jurisdiction.

MiCAR establishes a different standard. EMTs issued under MiCAR must be 1:1 backed, reserves must be segregated from the issuer's operational funds, and holders have a statutory right of redemption at par value defined by EU regulation, not by the issuer's terms of service. That is a legally defined protection, not a commercial commitment.

What a euro stablecoin actually gives your business

Stable value in the currency you actually operate in

EURAU is a euro stablecoin issued by AllUnity, a BaFin-licensed e-money institute operating under MiCAR. One EURAU is always worth one euro. Reserves are held at multiple European banks, segregated from AllUnity's operational balance sheet. The right to redeem at par value at any time is guaranteed by EU regulation, not by AllUnity's terms of service.

For a European business, this means stable value in the currency your operations are actually denominated in. No FX exposure. No dollar risk. No dependence on US monetary conditions.

The same settlement utility, without the currency mismatch

Euro stablecoins provide the same operational advantages as dollar stablecoins: 24/7 settlement, near-instant finality, programmable payment flows, no correspondent banking intermediaries. The difference is that your business is doing all of that in euros.

When you settle a supplier invoice, there is no conversion step. When you run payroll for European contractors, there is no dollar leg to manage. When your finance team reconciles the treasury position, the stablecoin balance means what it says.

What MiCAR compliance means for your business

Legal protections defined by regulation, not by contract

Most stablecoin products used by European businesses today operate under US-based frameworks or structurally unclear European jurisdiction. MiCAR created a single EU-wide framework. An EMT issued under MiCAR carries protections defined by EU law and enforced by BaFin.

The redemption right is not a commercial commitment AllUnity makes voluntarily. It is a legal obligation under Article 49 of MiCAR. If AllUnity were to face financial difficulty, reserve assets are ring-fenced under regulatory requirements, not just contractual terms. For a legal or compliance team evaluating counterparty risk on stablecoin holdings, that distinction matters significantly.

Disclosure and oversight that meets institutional standards

AllUnity publishes a White Paper under MiCAR requirements covering reserve composition, redemption procedures, and risk disclosures. BaFin provides ongoing regulatory oversight. For businesses whose treasury and compliance teams need to document and justify stablecoin holdings, the MiCAR framework provides the audit trail and regulatory standing that unregulated tokens cannot.

EURAU is available on Bitpanda

Bitpanda lists EURAU, giving businesses direct access to a MiCAR-regulated euro stablecoin through the Bitpanda platform. You can hold EURAU as part of your treasury position, use it for euro-denominated settlement, or move between positions without converting to fiat.

The euro is the entry point, not the destination

EURAU is the first step in a broader infrastructure AllUnity is building to bring local currencies on-chain at scale. CHFAU, the Swiss franc stablecoin, is already live for businesses with CHF settlement obligations. SEKAU, the Swedish krona stablecoin, follows the same MiCAR-regulated structure for businesses with Nordic operations. Additional currencies will be available through the AllUnity Business Mint Account soon.

For European businesses that have defaulted to dollar stablecoins because there was no regulated alternative, that alternative now exists and is expanding.

To access EURAU through Bitpanda, visit bitpanda.com. To explore AllUnity's full multi-currency framework, visit allunity.com or contact the AllUnity team allunity.com/contact.

Disclaimer:

This content is directed exclusively at legal entities and business customers. It is for marketing purposes only and does not constitute an offer or recommendation to purchase e-money tokens. This communication has not been reviewed or approved by any competent authority of an EU Member State. A White Paper under Art. 51 MiCAR is available at allunity.com/whitepaper. Pursuant to Article 49 MiCAR, holders of EMTs have a statutory right of redemption against AllUnity at any time and at par value.