A consortium led by Deutsche Bank’s asset management unit DWS, alongside Flow Traders and Galaxy Digital, has launched EURAU, Germany’s first fully regulated euro-denominated stablecoin. The digital currency was officially made available to the public on July 31, 2025. EURAU is issued by AllUnity, a joint venture between the three firms, which recently secured an electronic money institution (EMI) license from Germany’s financial regulator BaFin, ensuring full compliance with the European Union’s Markets in Crypto-Assets Regulation (MiCA).
EURAU operates as an ERC-20 token on the Ethereum blockchain, offering 24/7 instant cross-border settlement capabilities designed to cater to regulated financial institutions, fintech companies, and corporate treasuries within Europe and beyond. The token is fully collateralized with euro reserves held across multiple European banks, providing institutional-grade transparency with regular proof-of-reserves and regulatory reporting.
Bullish Europe, a BaFin-regulated crypto trading and custody platform based in Frankfurt, has become the first exchange to list EURAU for trading. Bullish is preparing to expand its services across the European Union under the MiCA regulatory framework after receiving multiple BaFin licenses since December 2024.
Despite the euro stablecoin market currently representing a small portion of the global stablecoin ecosystem—just 0.2% of the $272.9 billion market—the launch of EURAU marks a significant milestone. It reflects a growing push for European digital monetary sovereignty and stronger regional alternatives to dominant US dollar-pegged stablecoins like Tether’s USDT.
“The EMI license is a foundational step towards building a truly secure, transparent, and compliant digital payment ecosystem for Europe and global markets,” said Alexander Höptner, CEO of AllUnity. This move comes amid a backdrop of increasing interest in euro-backed digital assets, with market growth accelerated by a strengthening euro and regulatory clarity provided by MiCA, allowing the European stablecoin sector to gain momentum in 2025.
Plans are underway to expand EURAU’s availability to additional blockchain networks later in the year, further supporting institutional adoption of tokenized euro liquidity.
This launch represents a critical advancement for the European financial industry as it embraces digital innovation within a regulated framework, enhancing cross-border payments and positioning the euro as a significant digital currency in global markets.
