European stablecoin issuers are aggressively moving into regulated U.S. dollar tokens, arguing that euro-only offerings can't satisfy genuine demand for dollar liquidity in global commerce.
AllUnity, a German issuer, launched its USDAU stablecoin Wednesday under MiCA regulation. CEO Alexander Höptner framed the dollar as the "glue" in global trade and foreign exchange markets, saying European corporations require dollar stablecoins for cross-border payments—a euro-only approach doesn't cut it.
Stable Mint's USDSM has already processed over $380 million on-chain across 3.8 million transfers, held by more than 2,600 addresses as of Wednesday. CEO James Bennett was direct: "Dollar stablecoins are where the demand is, and Europe can't wish that away." He argued that European policymakers can control which entities issue these tokens and under what rules, but they can't redirect genuine business demand toward the euro.
Fiat Republic CEO Adam Bialy highlighted demand from crypto platforms and stablecoin companies for continuous dollar settlement. He sees regulated dollar tokens as reducing friction in cross-border settlements between Europe, the U.K. and North America—a practical business tool, not speculation.
Societe Generale-FORGE, the digital asset arm of the French banking group, supports a diversified ecosystem rather than opposing dollar stablecoins. The company launched its USD CoinVertible (USDCV) in 2025, which now serves trading, settlement, collateral management and treasury functions.
The European Central Bank has expressed concerns that dollar stablecoins could entrench the dollar's global dominance. But the market is moving forward anyway. Stable Mint's USDSM and SG-FORGE's USDCV each sit at roughly $13 million—a fraction of Tether's $184 billion USDT and Circle's $74 billion USDC, but the runway is clear. European issuers are betting on regulatory clarity and institutional demand to close that gap.
