European Stablecoin Issuers Advocate for US Dollar Tokens
- AllUnity launched its US dollar-pegged stablecoin USDAU, expanding its MiCA-regulated offerings beyond euros.
- Stable Mint’s USDSM stablecoin has facilitated over $380 million in on-chain transactions across approximately 3.8 million transfers.
- Despite the rise of European dollar stablecoins, Tether’s USDT and Circle’s USDC dominate with market caps of $184 billion and $74 billion, respectively.
- Societe Generale-FORGE emphasizes the need for a diversified digital cash ecosystem that includes both euro and dollar solutions.
- The demand for dollar stablecoins is driven by practical business needs in cross-border payments, according to industry leaders.
European issuers are responding to strong demand for dollar liquidity amidst ongoing EU regulatory reviews of the MiCA framework, highlighting the necessity of regulated dollar tokens for businesses operating globally.
With European dollar stablecoins like USDSM and USDAU each valued at about $13 million, they remain significantly smaller than established players like USDT and USDC. (Source)
