German stablecoin issuer AllUnity launches USDAU, a dollar stablecoin issued under the EU's MiCA rules. Its business account also gains currency exchange between dollars, euros, Swiss francs and Swedish kronor via stablecoins.
Photo: Alexander Höptner is chief executive of AllUnity.
AllUnity already issues stablecoins pegged to the euro, the Swiss franc and the Swedish krona — EURAU, CHFAU and SEKAU, launched in May as the first regulated stablecoin in a Nordic currency. At the time, chief executive Alexander Höptner confirmed in an interview with Kaupr that the dollar was "definitely on the roadmap", because global trade still runs on it. USDAU gives the portfolio its fourth currency. It is structured as an e-money token under MiCA, a digital representation of dollars that the holder can redeem at par from the issuer at any time.
According to AllUnity, USDAU is fully backed by dollar reserves held separately from the company's other funds, and is redeemable one to one. The token launches on six blockchains — Ethereum, Solana, Base, Tempo, Arc and Polygon — and the company says more networks will follow later this year.
The stablecoin is available from 30 September through the Business Mint Account and through exchanges and partners. Fully onboarded institutional clients can mint and redeem USDAU free of charge via the account.
Banking Circle will provide reserve and transaction banking for the dollar reserves behind USDAU. Flowdesk is the designated liquidity provider, while Archax, as a direct minting and redemption partner, will give institutional clients access to USDAU for treasury management and settlement.
Hercle will act as the partner for converting between USDAU and fiat currencies. Among other partners at launch, AllUnity names Bitcoin Suisse, Rulematch, BitGo and Galaxy.
Alongside USDAU, AllUnity is introducing real-time currency exchange in its Business Mint Account, where clients mint and redeem tokens. Clients can mint tokens in several currencies and move value between the currencies the company supports, with stablecoins as the intermediary. The point is that businesses avoid setting up separate infrastructure for each currency corridor.
"Stablecoins have already shown that value can move around the clock with near-instant settlement. We are now bringing that principle to FX and making it simpler in practice: one business account, multiple currencies, and the ability to convert, move and redeem value on a single platform," says Simon Seiter, chief financial officer of AllUnity.
In the May interview with Kaupr, Höptner said five to six new currencies would follow after the summer, a mix of G7 currencies and European currencies outside the eurozone. USDAU is the first to be delivered.
Höptner describes the dollar launch as a major expansion of the business.
"We are extending the platform to a currency that is central to global trade and settlement, and laying the foundation for a digital money network spanning several currencies. The ambition is clear: to give businesses regulated infrastructure for digital money that moves seamlessly across currencies and borders," says Höptner.
AllUnity GmbH is a Frankfurt-based e-money institution licensed by Germany's financial regulator BaFin and established by asset manager DWS, market maker Flow Traders and crypto firm Galaxy. The company targets businesses with cross-border payment and treasury needs, not consumers.
A white paper on USDAU has been published under Article 51 of MiCA, and holders of the token have a statutory right of redemption at par under Article 49. The press release is labelled a marketing communication and has not been reviewed by any supervisory authority in the EU.
Sources: AllUnity, Kaupr
You have read what you can read for free. With an account you get unlimited access to all news and articles on kaupr.io — and become part of the network of investors, professionals and builders following onchain finance.