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AllUnity launches MiCA-regulated USD stablecoin USDAU on six chains
The DWS / Flow Traders / Galaxy joint venture ships USDAU under its BaFin e-money licence, live on Ethereum, Solana, Base, Polygon, Tempo and Arc.
AllUnity — the joint venture between DWS (Deutsche Bank's asset manager), Flow Traders and Galaxy — launched a USD stablecoin USDAU on September 30, 2026, under the MiCA e-money token regime, according to Cointelegraph and crypto.news. The token launches simultaneously on six networks: Ethereum, Solana, Base, Polygon, Tempo and Arc. It is issued under AllUnity's German BaFin e-money institution licence, granted July 1, 2025.
What launched
USDAU is a 1:1 USD-pegged e-money token. Reserves are held in segregated custody accounts. Banking Circle handles reserve custody and transaction banking; Flowdesk provides secondary-market liquidity. Institutional clients mint and redeem at par through AllUnity's Business Mint Account, and the launch is paired with Instant FX, a settlement rail that lets holders swap between AllUnity's stablecoins on-chain without leaving the same institutional account.
USDAU is AllUnity's fourth fiat-backed stablecoin after its MiCA-regulated euro token EURAU. That euro line has been the target of criticism — stablecoininsider.org notes EURAU circulating supply "sits near zero," a reminder that regulatory launch is not the same as market traction. The USD launch is the company's real distribution bet: USD demand from institutional flows is where MiCA-regulated euro stablecoins have not, so far, found a floor.
Why the MiCA angle matters
USDAU is one of a small handful of non-USD-jurisdiction issuers offering an authorized US dollar e-money token under MiCA. Circle's EURC and USDC operate through separate issuer entities, and Circle secured MiCA authorization via France earlier in 2025. Tether has publicly declined to seek MiCA authorization. AllUnity is a European bank-linked issuer landing a US-dollar product with:
- BaFin as its home supervisor.
- Deutsche Bank's asset-management arm (DWS) as an equity holder.
- Cross-chain multi-issuance from day one.
That combination — European bank pedigree + US-dollar denomination + multi-chain reach — is what MiCA proponents claimed the framework would unlock. USDAU is the first product where all three lines meet at launch.
Numbers block
- Ticker: USDAU
- Peg: 1:1 US dollar
- Regulatory regime: MiCA e-money token, issued under BaFin licence granted July 1, 2025
- Networks at launch: Ethereum, Solana, Base, Polygon, Tempo, Arc (six)
- Reserve banking: Banking Circle
- Market-making: Flowdesk
- JV owners: DWS (Deutsche Bank AM), Flow Traders, Galaxy
- Ancillary rail: Instant FX (cross-currency settlement inside AllUnity)
- Sources: Cointelegraph, crypto.news, Flow Traders, stablecoininsider.org
What to watch
- Circulating supply after 30 days. EURAU's issuance stayed near zero after its launch. USDAU's first month will show whether institutional mint accounts translate into actual on-chain supply.
- On-chain redemption behavior. The BaFin e-money regime requires redemption at par, which is easy to promise and hard to observe until stress hits. Track redemption tx flows against reserve reports.
- Distribution deals. Cointelegraph reports institutional mint at par via the Business Mint Account, but retail-facing distribution — exchange listings, DeFi integrations, PSP integrations — will determine whether the six-chain rollout compounds or dilutes liquidity.
Context
MiCA's e-money token regime has produced more launches than it has produced circulation. Between the AllUnity, Circle and Société Générale-Forge lines, the EU now hosts more than a dozen authorized fiat stablecoins; combined circulating supply remains a rounding error against USDT and USDC. USDAU is the strongest test yet of whether the European e-money regime can attract dollar-denominated flow — historically the piece MiCA critics said the framework would never win.