AllUnity (EURAU)
AllUnity is a Frankfurt-based joint venture of DWS (Deutsche Bank Group), Flow Traders, and Galaxy that issues EURAU, Germany's first BaFin-regulated, MiCAR-compliant euro stablecoin. Launched in July 2025 under a full-reserve, multi-bank model with 1:1 redemption at par, EURAU targets institutional cross-border payments and treasury settlement, with a Swiss franc counterpart (CHFAU) following in 2026.
The most institutionally credible euro stablecoin to date — BaFin-licensed, MiCAR-compliant, full-reserve, Deutsche Bank-adjacent — and a meaningful regulated alternative to USD-stablecoin dominance in Europe. But it is fiat dependence perfected rather than transcended: the euro's unit of account, banking rails, and inflation are all imported wholesale, and governance is a closed corporate JV.
M69 Score
Scored against the Money2069 Manifesto — see methodology. Higher = more aligned.
Detailed Rating Breakdown
Issuance Model3x3.0
Single licensed issuer (IM-01: 1) but genuinely debt-free full-reserve e-money: mint on deposit, burn on redemption (IM-02: 4, IM-05: 4). Supply elastic with demand though tied to fiat deposits, not real-economy activity (IM-03: 1, IM-04: 3). Average 2.6 rounds to 3.
Spending Power Stability2x3.0
Direct full-reserve redemption at par is a strong structural peg mechanism (SPS-01: 3) but the benchmark is the euro itself, a moderately inflating fiat (SPS-02: 2). Proof-of-reserves and regulatory reporting give off-chain transparency (SPS-03: 3); peg has held since July 2025 launch but track record is only ~1 year (SPS-04: 4). Short-term parity only; long-term purchasing power is the euro's problem (SPS-05: 3).
Fiat Independence & Interoperability2x1.0
Near-total fiat dependence by design: hard 1:1 euro peg (FI-01: 1), 100% fiat reserves at banks (FI-02: 1), cannot operate without banking rails (FI-03: 1), fails with the euro (FI-05: 1), and fiat integration is the product, not a transition phase (FI-06: 1). Only generic crypto-infrastructure interoperability lifts it (FI-08: 3). Weighted 1.3.
Traction2x3.0
Live and growing with institutional adoption — Bullish EU trading pairs, Flow Traders market-making, CHFAU multichain expansion in 2026 (TR-01: 5, TR-10: 4), strong partner bench (DWS, Galaxy, Flow Traders; TR-07: 4) and major trade-press coverage (TR-08: 4). But it is one year old (TR-02: 2), user base is a handful of institutions (TR-03: 2, TR-04: 1), and the unit of account is simply the euro (TR-05: 2). Weighted 2.7.
Sovereignty2.0
A BaFin-licensed company that regulators can halt (SO-01: 1), concentrated in one jurisdiction (SO-03: 2), with KYC-gated mint/redeem (SO-04: 3) and standard regulated-stablecoin freeze capability (SO-07: 2). Monetary rules are regulatory policy, not code (SO-09: 2). Weighted 2.0.
Governance2.0
Private corporate JV: shareholders decide (GO-02: 1), deliberation closed (GO-03: 2), no community layer (GO-04: 1). MiCAR's legal 1:1 reserve requirement is a real external constraint on issuance rules the company cannot vote away (GO-08: 3). Weighted 1.9.
Resilience3.0
Full-reserve design is structurally run-resistant and the multi-bank reserve model spreads custody risk (RE-06: 3, RE-02: 3); simple model (RE-04: 4) on mainstream chains (RE-05: 4) with well-capitalized backers (RE-07: 4). But it has never faced a crisis (RE-01: 1). Weighted 2.6.
Inclusivity2.0
Explicitly institutional: retail cannot mint or redeem directly (IN-01: 3, IN-05: 2), KYC creates a surveillance relationship (IN-06: 2), and reserve yield accrues to the issuer (IN-04: 2). Serving the underbanked is not the mission (IN-03: 1). Weighted 2.3.