A new euro-backed stablecoin (EURAU) supported by Deutsche Bank’s DWS, trading firm Flow Traders, and Galaxy Digital led by Mike Novogratz, has officially launched on the Ethereum blockchain.
The stablecoin was introduced by AllUnity, a joint venture formed by the three partners, and became publicly available on July 31.
EURAU is regulated by Germany’s Federal Financial Supervisory Authority (BaFin) and fully complies with the European Union’s Markets in Crypto-Assets Regulation (MiCA).
For now, EURAU is issued as an ERC-20 token on Ethereum, with plans to expand to more blockchain networks later in 2025, according to the announcement.
Euro Stablecoins Rise, but U.S. Market Still Leads
Euro-backed stablecoins have grown nearly 60% since late 2024, though they still represent a small fraction of the global stablecoin market.
Data from Crypto.com shows that the total market cap of euro stablecoins has climbed from $367 million in December 2024 to around $587 million today.
Despite this growth, euro-denominated stablecoins account for just 0.2% of the global stablecoin market, which stands at $272.9 billion, according to CoinGecko. In contrast, U.S. dollar-pegged stablecoins continue to dominate, with a combined market capitalization of approximately $268.6 billion.
On Monday, European Central Bank adviser Jürgen Schaaf urged global coordination on stablecoin regulation to help curb the dominance of the U.S. dollar. He pointed out key differences between how the U.S. and the European Union approach stablecoin oversight.
Euro Stablecoin Launches on Bullish Europe Exchange
Bullish Europe was the first crypto exchange to list EURAU for trading. The platform, which also serves as a custodian, is regulated by Germany’s BaFin.
While Bullish secured four licenses from BaFin in December 2024, it is still awaiting approval under the EU’s MiCA framework. Headquartered in Frankfurt, the exchange is aiming to expand its services across the European Union once it obtains the MiCA license, according to the announcement.
