EU stablecoin issuers make the case for regulated USD tokens as MiCA gets reviewed

European issuers are pushing back on the idea that a stronger euro means less need for dollar stablecoins. Their argument is simple enough for payments people: if European businesses settle trade, FX, and treasury flows in dollars, a euro-only stablecoin menu is not much of a menu at all.

1. AllUnity, a German stablecoin issuer, launched its US dollar-pegged stablecoin USDAU on Wednesday, expanding its MiCA-regulated lineup beyond European currencies. CEO Alexander Höptner told Cointelegraph that “in global trade and FX markets, the US dollar is the glue,” and that for European corporates making cross-border payments globally, “offering only a euro stablecoin isn’t enough.”
2. The push comes as the EU reviews its MiCA framework and the ECB keeps warning that stablecoins can reinforce the dollar’s global dominance. In other words, the policy debate is not whether dollars exist; it is who gets to issue dollar tokens to European users, and under which rules.
3. Stable Mint CEO James Bennett said demand for dollar stablecoins in Europe reflects business reality, not a preference policymakers can simply redirect. He said “dollar stablecoins are where the demand is, and Europe can’t wish that away,” adding that Europe can control “who issues them to European users, and under which rules.” 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, according to company figures as of Wednesday.
4. Fiat Republic CEO Adam Bialy said the demand comes from crypto platforms and stablecoin companies that want round-the-clock dollar settlement. He said a regulated dollar token can reduce friction in cross-border settlement between Europe, the UK and North America, which is the part that matters when you are actually moving money instead of writing policy papers about it.
5. Societe Generale-FORGE (SG-Forge), the digital asset subsidiary of French banking group Societe Generale, said the goal should not be euro versus dollar. The company told Cointelegraph it wants “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 dollar token USD CoinVertible (USDCV), launched in 2025, has drawn interest for trading, settlement, collateral management and treasury operations.

The scale gap is still the obvious part of the story. CoinGecko puts USDSM and USDCV at about $13 million each, versus $184 billion for Tether USDt (USDT) and $74 billion for Circle’s USDC. So the immediate commercial question for European issuers is not whether there is demand for dollar tokens. There is. The question is whether regulated EU-issued products can win any of the flows that already sit with the large incumbents.