title: Germany — Stablecoins & Digital Money | World Payments Monitor canonical: https://payments.gi/jurisdictions/germany/w2/ publisher: Asymmetric Intelligence ### W2 Stablecoins & Digital Money 1 judgment limited signal Probable confirmed 2026-06-23 Euro stablecoins regulated as EMTs under MiCAR; KMAG implements MiCAR domestically arming BaFin name-and-warn powers; EURAU (AllUnity) first MiCA-authorised German euro stablecoin (1 July 2025); grandfathering closed end-2025. Key judgment — Probable · impact ELEVATED BaFin's refusal of futurum bank AG's MiCAR authorisation is the cycle's most material German payments-adjacent development, demonstrating that Germany's accelerated national MiCA transition cut-off carries real enforcement consequence for an established large retail platform._claims: wpm-2026-W42-001_ Standing sub-brief · as of 27 June 2026 240 words · last cycle 2026-07-07 #### Stablecoins & Digital Money MiCAR (Reg (EU) 2023/1114) is directly applicable, and Germany enacted the Kryptomaerkteaufsichtsgesetz (KMAG) to implement MiCAR domestically and arm BaFin with name-and-warn powers and authority to suspend or prohibit non-compliant offerings. Germany used a 12-month MiCAR grandfathering window that closed end-2025, against full 18-month windows in France, Malta and Luxembourg to July 2026; Ethena Labs ceased its German subsidiary and declined German MiCA authorisation after BaFin scrutiny. On 1 July 2025 BaFin granted AllUnity an EMI licence to issue EURAU (token launched 29 July 2025), positioned as the first euro stablecoin in Germany fully MiCA-authorised and 1:1 euro-collateralised with proof-of-reserves disclosures. E-money tokens are regulated as e-money under EMD2/ZAG and as crypto-assets under MiCAR simultaneously; per §11(1) ZAG only CRR credit institutions or licensed EMIs may issue, a position that bears on both bank and non-bank issuers. This first MiCA-authorised euro EMT under a German EMI licence sets a replicable authorisation template for the EEA. #### Outlook The module is held at Assessed. An ownership-structure discrepancy was flagged in challenge — DWS/Flow Traders/Galaxy per CoinDesk and AllUnity versus a Deutsche Boerse variant per Bullish — and there is no Tier-1 BaFin register or press citation in the findings, so the joint-venture parties are deliberately not asserted pending verification against the BaFin ZAG register. The closed grandfathering window and BaFin's enforcement posture create earlier compliance deadlines for crypto and stablecoin operators in Germany than in slower-transitioning member states. no periodic updates on record for this sub-brief ** 1 earlier update recorded under a different module label** An early cycle filed this entry under this module code with a heading naming another subject. Kept for the record; not this module's latest position. Periodic update · new data 2026-07-08 #### Prudential Standards & Capital Requirements No material signal was identified for Germany under W2 (Prudential Standards and Capital Requirements) this cycle. The PSD3/PSR package carries prudential implications — including changes to own-funds requirements and safeguarding diversification obligations — but no Germany-specific prudential-standards development beyond what is captured under W1a and W12 was resolved this cycle. #### Outlook PSD3 transposition will carry prudential-standards implications for German PIs and EMIs. This module will be updated when DE-specific prudential-standards material is available. **Sources and findings (5)** 1. T3 [https://www.globallegalinsights.com/practice-areas/blockchain-cryptocurrency-laws-and-regulations/germany/ [CAVEAT: Tier 3 secondary source — Assessed; verify vs primary pre-publication]](https://www.globallegalinsights.com/practice-areas/blockchain-cryptocurrency-laws-and-regulations/germany/ [CAVEAT: Tier 3 secondary source — Assessed; verify vs primary pre-publication]) 2. T3 [https://www.deloittelegal.de/en/services/legal/perspectives/micar-e-geld-token-crypto.html [CAVEAT: Tier 3 secondary source — Assessed; verify vs primary pre-publication]](https://www.deloittelegal.de/en/services/legal/perspectives/micar-e-geld-token-crypto.html [CAVEAT: Tier 3 secondary source — Assessed; verify vs primary pre-publication]) 3. T3 [https://www.cryptoninjas.net/news/germany-approves-eurau-first-mica-compliant-euro-stablecoin-gets-green-light-from-bafin/ [CAVEAT: Tier 3 secondary source — Assessed; verify vs primary pre-publication]](https://www.cryptoninjas.net/news/germany-approves-eurau-first-mica-compliant-euro-stablecoin-gets-green-light-from-bafin/ [CAVEAT: Tier 3 secondary source — Assessed; verify vs primary pre-publication]) 4. T3 [https://coincub.com/blog/how-european-banks-are-building-on-mica/ [CAVEAT: Tier 3 secondary source — Assessed; verify vs primary pre-publication]](https://coincub.com/blog/how-european-banks-are-building-on-mica/ [CAVEAT: Tier 3 secondary source — Assessed; verify vs primary pre-publication]) 5. T3 [https://www.cyfrin.io/blog/mica-regulation-explained-a-guide-to-eu-crypto-compliance [CAVEAT: Tier 3 secondary source — Assessed; verify vs primary pre-publication]](https://www.cyfrin.io/blog/mica-regulation-explained-a-guide-to-eu-crypto-compliance [CAVEAT: Tier 3 secondary source — Assessed; verify vs primary pre-publication])