AllUnity and EURAU, the euro stablecoin from Frankfurt

AllUnity describes itself as a company that builds "1:1 fiat-backed stablecoins designed for seamless liquidity flows across borders with instant settlement," operating from Frankfurt under what it calls "strict European regulatory frameworks." It was established by DWS, Deutsche Bank's asset management arm, together with the trading firm Flow Traders and the digital-asset firm Galaxy, and AllUnity names this founding group directly on its own site.

BaFin's public register of e-money institutions lists AllUnity GmbH, based at Sandweg 94 in Frankfurt am Main, as a licensed electronic money institution. That license is what lets AllUnity issue a stablecoin as a regulated e-money token under MiCA, the EU's Regulation (EU) 2023/1114 on markets in crypto-assets.

AllUnity calls EURAU "Germany's first MiCAR-compliant euro stablecoin," fully backed 1:1 by euro reserves and issued under what it describes as a multi-bank reserve model. The company states that EURAU tokens are "always redeemable 1:1 for fiat at par value," the redemption right MiCA's e-money token rules require of any issuer. AllUnity launched EURAU in 2025, and Deutsche Bank has named EURAU among the stablecoins on its list for institutional custody clients.

EURAU is one of a small number of euro-denominated stablecoins issued under a European license. Euro stablecoins under MiCA covers how EURAU compares with Circle's EURC and other euro tokens; Circle, issuer of USDC and EURC, is the largest dollar-stablecoin issuer active in the same European market. EURAU as a payment rail, next to the digital euro and bank money, is covered under digital currencies in payments and stablecoin payments.

An e-money token issuer under MiCA needs authorization as a credit institution or an electronic money institution before it can offer the token to the public in the EU, under Article 48 of the regulation. BaFin is the German supervisor for e-money institutions and for MiCA in Germany, working alongside the Kryptomärkteaufsichtsgesetz, the German law that names BaFin as the competent authority. AllUnity's authorization sits in that framework, and readers who want to check a firm's status themselves can search BaFin's public register of licensed institutions directly. See MiCAR, Regulation (EU) 2023/1114 for how the EU rulebook defines an e-money token and its issuer duties.

AllUnity has appeared at several events Finance Loop covers or partners with in Frankfurt. AllUnity hosts Capital & Code; Capital & Code 2026 has around 400 participants and speakers from Deutsche Bundesbank, Mastercard, Fidelity International and Ubyx. AllUnity also spoke at the Frankfurt Forum on Digital Assets and Applications, organized by d-fine, on payments in DLT-based markets, alongside Deutsche Bundesbank, Deutsche Bank, Commerzbank and DZ Bank. At an event of the law firm Bird & Bird in Frankfurt, guests from AllUnity discussed the MiCAR update, PSD3 and stablecoins. Stablecoins in Germany and stablecoins in Frankfurt cover EURAU's license and reserve model in more detail.

AllUnity was established by DWS, Deutsche Bank's asset management arm, together with the trading firm Flow Traders and the digital-asset firm Galaxy. AllUnity names this founding group on its own website.

Yes. AllUnity GmbH is listed in BaFin's register of licensed electronic money institutions, based in Frankfurt am Main. That license lets AllUnity issue EURAU as an e-money token under MiCA's Article 48, with the redemption right MiCA requires.

EURAU is issued under a single company's balance sheet, backed by AllUnity's multi-bank reserve model, and licensed in Germany. Circle's EURC is issued under a French e-money license from the ACPR. A bank consortium under the name Qivalis is building a separate euro stablecoin as shared infrastructure owned jointly by its member banks. Euro stablecoins under MiCA compares them.