AllUnity is a German financial technology company that operates as a fully regulated e-money institute under the supervision of the German Federal Financial Supervisory Authority (BaFin). ^[1] The company provides institutional-grade infrastructure for digital Euro transactions and is the issuer of EURAU, a Euro-backed stablecoin. ^[2] AllUnity was established as a joint venture by DWS Group, Flow Traders, and Galaxy Digital to bridge traditional finance (TradFi) with the digital asset economy. ^[3]​

Overview

AllUnity GmbH is headquartered in Frankfurt, Germany, and was formed to address the underrepresentation of the Euro in the global stablecoin market, which has been predominantly composed of US dollar-pegged assets. ^{[4] [5]} The company's mission is to facilitate the institutional adoption of tokenized assets by providing a reliable and regulated on-chain payment solution. It operates under the European Union's Markets in Crypto-Assets (MiCAR) regulation, making it one of the first stablecoin issuers to receive an e-money license under this framework in Germany. ^[6]​

The core product, EURAU, is an E-Money Token (EMT) designed to maintain a 1:1 value with the Euro. It is fully backed by a reserve of Euro-denominated assets held in segregated accounts, ensuring transparency and stability. ^[7] The stablecoin enables seamless, secure, and real-time 24/7 transactions for a range of use cases, including cross-border payments, corporate treasury management, and settlement for digital assets. ^[1]​

History and Milestones

The intention to form AllUnity as a joint venture between DWS Group, Flow Traders, and Galaxy Digital was first announced on December 13, 2023. ^[8] AllUnity GmbH was formally registered in February 2024. ^[7]​

In June 2025, AllUnity was granted an e-money license by Germany's BaFin, a significant milestone that positioned it as one of the first stablecoin issuers fully approved under the EU's MiCAR framework. ^[3] The law firm Jones Day, which advised AllUnity, confirmed on July 1, 2025, that the company had obtained the first German MiCAR license as a stablecoin issuer. ^[6]​

The EURAU stablecoin officially launched on July 29, 2025, and became publicly available for use on July 31, 2025. ^{[2] [9]} Following the launch, the stablecoin was listed on the European crypto platform Bitpanda in August and on the Bullish exchange. ^[10]​

In the latter half of 2025, AllUnity announced several strategic partnerships to drive adoption. In November 2025, the company announced a partnership with Deutsche Börse Group to promote the use of EURAU for on-chain securities settlement. ^[11] That same month, EURAU went live on the Aerodrome decentralized exchange (DEX) on the Base network. ^[10] In December 2025, partnerships were announced with treasury management platform Trever and with South Korean firm SOOHO.IO to connect stablecoin infrastructure between Europe and South Korea. ^[4]​

EURAU Stablecoin

EURAU is a regulated, fiat-collateralized stablecoin pegged 1:1 to the Euro. It is classified as an E-Money Token (EMT) under MiCAR. ^[7]​

Reserve and Backing Mechanism

Each EURAU token in circulation is fully backed by an equivalent amount of assets held in the EURAU Reserves. These reserves are legally segregated from AllUnity's own operational funds and, under German law, do not fall into AllUnity's insolvency estate, protecting holder funds. The reserves are composed of:

• EUR-denominated cash deposited in separate omnibus accounts at regulated European credit institutions.
• Secure, low-risk, highly liquid financial instruments (HQLAs) denominated in EUR. ^[7]

AllUnity provides transparency through regular audits and a public MiCAR-compliant white paper detailing the reserve structure. Daily reconciliations are performed to ensure full collateralization. ^[8]​

Issuance and Redemption

EURAU is issued and redeemed through a permissioned process to ensure compliance with Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations.

• Issuance (Minting): Verified institutional and corporate clients deposit Euros into AllUnity's reserve account. Upon confirmation, AllUnity mints an equivalent amount of EURAU tokens and transfers them to the client's whitelisted blockchain wallet.
• Redemption (Burning): Holders of EURAU have a statutory right of redemption against AllUnity at any time and at par value (1 EURAU for 1 Euro), as mandated by Article 49 of MiCAR. To redeem, a holder sends EURAU tokens back to AllUnity, which burns the tokens and transfers the equivalent Euro amount to the holder's bank account, subject to AML/KYC checks. ^[7]

Technology and Interoperability

EURAU is designed as a multi-chain stablecoin to promote broad adoption and interoperability. It is issued as an ERC-20 standard token on EVM-compatible chains. As of December 2025, supported blockchains include:

• Ethereum
• Solana
• Polygon
• Base
• Arbitrum
• Optimism ^[7]

To facilitate secure cross-chain transfers, AllUnity integrated Chainlink's Cross-Chain Interoperability Protocol (CCIP). The smart contracts have undergone multiple independent security audits. ^[9]​

As of early December 2025, EURAU had a market capitalization of approximately $19.13 million and a circulating supply of around 16.43 million tokens. ^[12]​

Regulatory Compliance

AllUnity's core value proposition is its adherence to a robust regulatory framework. The company holds an E-money (E-Geld) license from Germany's BaFin, pursuant to Article 48 of MiCAR and the German Payment Services Supervision Act (ZAG). ^[7]​

The company was the first in Germany to obtain a BaFin license specifically for issuing e-money tokens under MiCAR, providing legal certainty for users within the European Union. ^[6] In compliance with MiCAR, AllUnity has published a public white paper (under Article 51) and established both a Recovery Plan and a Redemption Plan to manage operational or financial stress. ^[7] AllUnity also operates in compliance with the Digital Operational Resilience Act (DORA). ^[13]​

Ecosystem and Partnerships

AllUnity has built an ecosystem of partners across traditional finance and the digital asset industry.

• Founding Shareholders: DWS Group, Flow Traders, and Galaxy Digital are the founding partners of the joint venture. ^[3]
• Strategic & Market Partners: A key strategic partnership was formed with Deutsche Börse Group to integrate EURAU into its D7 digital post-trade platform for on-chain securities settlement. Other partners include SOOHO.IO for building a Europe-South Korea financial corridor and Trever for institutional treasury management. ^{[11] [4]}
• Exchanges & Liquidity: EURAU is listed on centralized exchanges such as Bullish and Bitpanda, as well as decentralized exchanges like Aerodrome. Flowdesk acts as a key market maker and liquidity provider. ^{[2] [10]}
• Custody & Infrastructure: The ecosystem includes regulated custodians and infrastructure providers like BitGo, Zodia Custody, Fireblocks, Tangany, and Dfns. ^[9]

Leadership

AllUnity's leadership team consists of executives with experience in both traditional finance and the digital asset industry.

• Alexander Höptner (Chief Executive Officer): Höptner previously served as Group CEO of 100x Group (parent of BitMEX) and CEO of Börse Stuttgart GmbH, where he was involved in establishing digital asset trading for a traditional exchange. He also held executive roles at Deutsche Börse AG.
• Peter Grosskopf (Chief Technology & Operating Officer): Grosskopf was a co-founder and CTO of Unstoppable Finance and Solarisbank, and previously served as CTO and Managing Director of Börse Stuttgart Digital Exchange.
• Rupertus Rothenhaeuser (Chief Commercial Officer): Rothenhaeuser has over 25 years of experience in finance, with previous roles as CCO at BitMEX, CEO of Crypto Finance Brokerage AG, and various positions at SIX Digital Exchange (SDX), Börse Stuttgart, and BNP Paribas.
• Simon Seiter (Chief Financial & Product Officer): Seiter previously served as Head of Digital Assets at Hauck Aufhäuser Lampe and Deutsche Börse Group, where he was involved in establishing services for crypto funds and custody. ^[8]

Notable Quotes

"As the first euro-denominated stablecoin issued under Germany’s regulatory framework and fully aligned with MiCAR, EURAU is designed to meet the highest standards of transparency, compliance, and trust, setting a new benchmark for digital money in Europe." — Alexander Höptner, CEO of AllUnity ^[2]

"Our goal is to build a seamless bridge between the established financial world and the future of digital assets. This partnership with AllUnity is an important component of that bridge. By further embedding institution-grade stablecoins within our regulated framework, we empower our clients to confidently explore new possibilities in digital finance, backed by the security and market integrity they have come to expect from us." — Stephanie Eckermann, Member of the Executive Board of Deutsche Börse Group ^[14]

"AllUnity combines a rock-solid regulatory setup (German e-money license) with the backing of three heavyweights... This setup is uniquely positioned to gain the trust of institutional players in the market." — Dr. Alexander Bechtel, DWS ^[1]