AllUnity, a joint venture formed by DWS, Flow Traders, and Galaxy, has received authorisation from Germany's BaFin to operate as an EMI.
The licence, granted on 1 July 2025, allows AllUnity to issue a Euro-denominated stablecoin that complies with the European Union's Markets in Crypto-Assets Regulation (MiCAR).
The stablecoin, called EURAU, will be fully collateralised and subject to regulatory oversight and transparency requirements. AllUnity has stated that the coin will be supported by proof-of-reserves and regular disclosures in line with EMI obligations. Its use is intended for cross-border transactions, including around-the-clock settlements for financial institutions, fintechs, corporate treasuries, and enterprise users.
MiCAR compliance and regulated stablecoins
AllUnity officials have characterised the EMI licence as a step towards establishing a regulated infrastructure for digital payments in Europe. According to representatives from the joint venture, the regulatory approval marks the beginning of operational readiness for EURAU, which is expected to serve both domestic and international users requiring euro-backed digital assets under full regulatory oversight.
Officials from DWS, one of the founding entities behind AllUnity, described the development as significant for the financial industry in Europe, suggesting that it reflects growing interest in sovereign digital currencies as tools for enhancing financial independence within the region.
Flow Traders representatives stated that the introduction of a regulated Euro stablecoin could play a role in integrating traditional financial systems with digital asset markets. They noted that the BaFin licence enables AllUnity to advance towards launching infrastructure designed for interoperability between conventional and blockchain-based financial platforms.
Galaxy, also a partner in the joint venture, reiterated its longstanding view on the potential of regulated digital assets. Representatives pointed to the importance of enabling compliant cross-border value transfers and argued that regulated stablecoins could unlock new use cases for institutional users.
The EURAU stablecoin is set to enter a market where regulatory clarity is increasingly demanded by both financial institutions and policymakers. Its design is intended to align with the EU’s MiCAR framework, which governs digital assets, issuers, and service providers across member states.