ENUSD vs EURAU: two MiCA-regulated stablecoins compared.
ENUSD
Fiat Republic Netherlands B.V. · USD peg · DNB
score pending verification
Footprint · context only · weight 0
EURAU
AllUnity GmbH · EUR peg · BaFin
score pending verification
Footprint · context only · weight 0
| Dimension | ENUSD | EURAU |
|---|---|---|
| Issuer | Fiat Republic Netherlands B.V. · Netherlands | AllUnity GmbH · Germany |
| Peg | USD | EUR |
| FX risk for a euro household | EUR/USD exposure | None |
| MiCA status | EMT · Title IV | EMT · Title IV |
| Regulator | DNB | BaFin |
| Reserves summary | USD-backed EMT under the same Dutch EMI authorisation as ENEUR. | Euro EMT using a multi-bank reserve model with reserves held across European banking partners. |
| Note | Small float, payments-focused. | Joint venture backed by DWS, Flow Traders and Galaxy; first BaFin-supervised euro EMT; also notified CHFAU (CHF) and SEKAU (SEK). |
| Band | Partially verified | Partially verified |
| Composite | pending | pending |
| D1 Regulatory | — | — |
| D2 | — | — |
| D3 | — | — |
| D4 | — | — |
| Checked | 24 JUL 2026 | 24 JUL 2026 |
Checked 24 JUL 2026 against the ESMA register and issuer attestations.
Our read
EagleNet USD is a USD-pegged MiCA e-money token from Fiat Republic Netherlands B.V. (band 3); EURAU is a EUR-pegged MiCA e-money token from AllUnity GmbH (band 3).
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