AllUnity is a Frankfurt-based e-money institution, formed as a joint venture of DWS, Flow Traders, and Galaxy, that issues EURAU, a fully reserved euro stablecoin under the EU's MiCAR framework. Germany's financial regulator BaFin granted AllUnity an e-money institution license on July 1, 2025, and EURAU launched on July 31, 2025, according to AllUnity's launch release.
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DWS is Deutsche Bank's asset management arm, as Ledger Insights describes it, which is why AllUnity is often called Deutsche Bank linked. This page covers who runs AllUnity, how EURAU is issued and backed, where it trades, and how the product line has grown since launch.
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AllUnity is a regulated stablecoin issuer headquartered in Frankfurt. It holds a BaFin e-money institution license, which is the license MiCAR requires to issue euro e-money tokens. Its shareholders are DWS, Flow Traders, and Galaxy, and its first product was EURAU, a euro stablecoin for institutional and payment use.
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The three firms announced their intention to create AllUnity on December 13, 2023, naming Alexander Höptner as designated CEO and targeting launch within 12 to 18 months pending approvals, per the DWS media release. The release described AllUnity as infrastructure for tokenized assets bridging traditional and onchain finance.
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Höptner remained CEO at launch. In the EURAU launch release he said the launch "marks a significant step forward for Europe's digital financial infrastructure and financial sovereignty."
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EURAU is a euro-denominated stablecoin issued by AllUnity as an e-money token under MiCAR. Each token is backed one to one by euro reserves held across a consortium of European banks. It was first issued as an ERC-20 token on Ethereum and was built for institutional settlement, payments, and treasury use.
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AllUnity describes a "multi-bank full reserve model" with 100% reserves, plus proof of reserves and regulatory reporting, in its July 31, 2025 release. Ledger Insights reported that the BaFin license was the e-money institution authorization required under MiCA and that AllUnity targeted cross-border payments, fintech, and treasury use cases (Ledger Insights, July 2, 2025).
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The license date and the launch date are separate milestones. The license arrived on July 1, 2025. Tokens began trading a month later. Ledger Insights noted the approval came 18 months after the joint venture was first announced, which matched the upper end of the timeline the partners set in 2023 (Ledger Insights). Höptner called the license "a foundational step towards building a truly secure, transparent and compliant digital cross-border payment ecosystem for Europe and global markets," in the same report.
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AllUnity mints EURAU when institutional clients deposit euros and burns it when they redeem. Reserves sit with several European banks rather than one custodian. Flow Traders acts as designated market maker, and trading venues and custodians distribute the token to end users, starting with Bullish Europe at launch.
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Flow Traders' market maker role and Bullish Europe as the first venue, with BTC/EURAU and USDC/EURAU pairs, are stated in the launch release. Later distribution included Bitpanda listing EURAU on August 25, 2025, and a Stripe Privy integration for euro stablecoin payments on September 29, 2025, both listed on AllUnity's news page.
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The blockquote below is the launch statement from the DWS chief executive, which frames how the parent company positions the venture.
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"AllUnity has become the first to bring a BaFin-regulated, MiCAR-compliant stablecoin to Europe." Stefan Hoops, CEO of DWS, in the EURAU launch release, July 31, 2025.

AllUnity is jointly owned by DWS Group, the German asset manager, the trading firm Flow Traders, and the digital asset company Galaxy. The partners have not published their individual ownership percentages in the releases reviewed here, so this page does not state stake sizes.
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All three are named as founding partners in the December 2023 DWS release and again in the July 2025 launch release, which quotes the CEOs of each: Stefan Hoops of DWS, Mike Kuehnel of Flow Traders, and Mike Novogratz of Galaxy.
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AllUnity has expanded from one euro token to several currencies. It now issues CHFAU in Swiss francs and SEKAU in Swedish kronor, and it is adding USDAU, a MiCAR-compliant US dollar token. It has also added chains beyond Ethereum, including Solana, Base, and Arc.
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The product and chain timeline below comes from AllUnity's news page, accessed September 30, 2026.
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EURAU is one of several MiCAR euro tokens. Its distinguishing features are the German license, a multi-bank reserve, and a parent tied to a major European asset manager. Euro stablecoins as a group remain much smaller than dollar tokens in onchain liquidity.
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Supply and market share comparisons are not given here because no primary source for current EURAU supply was fetched for this article. For reserve attestations, AllUnity points readers to its proof-of-reserves reporting in the launch release. BaFin's public database of authorized institutions is searchable on the BaFin company database.
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AllUnity's main constraint is liquidity. A euro token is only as useful as the venues and pairs that accept it, and euro stablecoins trail dollar tokens on every major chain. Access is also institution-first: minting runs through onboarded clients, not retail. And issuance across many chains splits already thin liquidity.
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The chain expansion listed on AllUnity's news page helps distribution but means EURAU balances sit in separate pools on Ethereum, Arc, and other networks. Treasury teams moving euro value between those chains, or between EURAU and dollar tokens, need a routing layer. Eco is one orchestration option that moves stablecoins across chains through existing rails.
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MiCAR also restricts how e-money tokens can be marketed and whether they can pay interest, which limits yield features compared with some offshore tokens. This article does not assess how those rules apply to AllUnity specifically.
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Not directly. AllUnity's shareholders are DWS, Flow Traders, and Galaxy (DWS release). Deutsche Bank is not named as a direct shareholder in those releases.
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Alexander Höptner, named designated CEO in December 2023 and CEO at the EURAU launch (AllUnity).
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An e-money institution license from BaFin, granted July 1, 2025 (AllUnity).
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Bullish Europe listed it first, and Bitpanda added it in August 2025 (AllUnity news).
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USDAU is AllUnity's US dollar stablecoin, announced on September 30, 2026 as a fully reserved, MiCAR-compliant token (AllUnity news).
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Facts on this page come from primary sources fetched on September 30, 2026: