Ethereum News Today: Deutsche Bank, Galaxy, DWS Launch MiCA-Compliant EURAU Stablecoin on Ethereum

Deutsche Bank’s asset management arm, DWS, has joined forces with Flow Traders and Mike Novogratz’s Galaxy to launch EURAU, a euro-backed stablecoin on the Ethereum blockchain. The stablecoin, issued by AllUnity, is the first regulated euro stablecoin under the European Union’s Markets in Crypto-Assets Regulation (MiCA) and is supervised by the German Federal Financial Supervisory Authority (BaFin) [1]. EURAU has been made publicly available as of July 31, 2025, and will initially operate as an ERC-20 token before expanding to additional blockchains in 2025 [1].

Bullish Europe, a cryptocurrency trading platform and custodian regulated by BaFin, is the first exchange to list EURAU for trading. The platform has secured four licenses from BaFin in December 2024 but has yet to obtain a MiCA license [1]. With headquarters in Frankfurt, Bullish Europe is preparing for EU-wide expansion under the MiCA framework.

The launch involves several key partners from the crypto ecosystem, including BitGo, Metzler Bank, Tradevest Group, Fireblocks, and OAK Security, among others. These partnerships aim to build a robust infrastructure for EURAU [1].

Despite the launch, euro-denominated stablecoins still represent only 0.2% of the global stablecoin market, which stands at $272.9 billion as of July 31, 2025. The top euro stablecoins have a total capitalization estimated between $484 million and $587 million, significantly lower than the $268.6 billion market cap of US dollar stablecoins [1]. Tether’s USDT, for example, alone has a $163.7 billion market cap [1].

However, euro stablecoins have seen a notable rise in recent months. According to Crypto.com data, their market capitalization increased by nearly 60% since December 2024, from $367 million to approximately $587 million [1]. Despite this growth, European officials acknowledge that the adoption of euro-backed stablecoins remains limited, even with regulatory frameworks such as MiCA designed to encourage their use.

Jürgen Schaaf, an adviser to the European Central Bank, recently called for global coordination in stablecoin regulation to counter the dominance of US dollar-backed stablecoins. He noted disparities between the regulatory approaches of the US and the EU [1]. The EURAU launch may represent a step toward addressing these concerns and promoting a more balanced stablecoin ecosystem in Europe.

[1] Source: [1] Deutsche Bank-backed EURAU stablecoin launch: Key things to know (https://cointelegraph.com/news/eurau-stablecoin-allunity-launch-key-things-to-know)