EURAU vs USDC: two MiCA-regulated stablecoins compared.
EURAU
AllUnity GmbH · EUR peg · BaFin
score pending verification
Footprint · context only · weight 0
USDC
Circle Internet Financial Europe SAS · USD peg · ACPR
84 / 100composite
Footprint · context only · weight 0
| Dimension | EURAU | USDC |
|---|---|---|
| Issuer | AllUnity GmbH · Germany | Circle Internet Financial Europe SAS · France |
| Peg | EUR | USD |
| FX risk for a euro household | None | EUR/USD exposure |
| MiCA status | EMT · Title IV | EMT · Title IV |
| Regulator | BaFin | ACPR |
| Reserves summary | Euro EMT using a multi-bank reserve model with reserves held across European banking partners. | Fully backed by cash and short-dated US Treasuries, largely in the BlackRock-managed Circle Reserve Fund, with monthly attestations. |
| Note | Joint venture backed by DWS, Flow Traders and Galaxy; first BaFin-supervised euro EMT; also notified CHFAU (CHF) and SEKAU (SEK). | Largest MiCA-compliant stablecoin; white papers notified 2024-07-01, the day MiCA Title IV became applicable. |
| Band | Partially verified | Substantially verified |
| Composite | pending | 84 / 100 |
| D1 Regulatory | — | 28/30 |
| D2 | — | 28/30 |
| D3 | — | 13/25 |
| D4 | — | 15/15 |
| Checked | 24 JUL 2026 | 24 JUL 2026 |
Checked 24 JUL 2026 against the ESMA register and issuer attestations.
Our read
EURAU is a EUR-pegged MiCA e-money token from AllUnity GmbH (band 3); USD Coin is a USD-pegged MiCA e-money token from Circle Internet Financial Europe SAS (band 2).
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