AllUnity launches MiCA-compliant Swedish krona stablecoin

AllUnity launched SEKAU on June 19, a MiCA-compliant Swedish krona stablecoin that is available on Ethereum, Solana, Base, Tempo and Polygon. The token is described as an E-Money Token redeemable 1:1 for Swedish krona and backed by segregated reserves.

Banking Circle is named as the designated reserve and transaction bank, with Marginalen Bank listed as a supporting banking partner. The company offers a Business Mint Account route for onboarded corporate clients that connect verified bank accounts and wallet addresses. The white paper frames primary access for verified institutions and does not list public trading venues or open retail minting at launch.

AllUnity was established by sponsors that include DWS, Flow Traders and Galaxy. SEKAU extends the company’s multi-currency offerings after euro and Swiss franc tokens previously announced by the firm.

At the time of launch, AllUnity has not published independent reserve attestations, the initial circulating supply, holder counts or detailed post-launch transaction data. There are no public confirmations of exchange listings or liquidity depth across trading venues.

On-chain stablecoin liquidity is currently concentrated in dollar-denominated tokens such as USDT and USDC. Local-currency stablecoins outside the dollar remain small by supply and market depth. A krona-denominated token would be held where a SEK balance on-chain provides a direct operational benefit compared with using dollar stablecoins and converting through bank rails.

Sweden’s central bank operates RIX-INST, a system for instant settlement in central bank money with 24/7 availability for domestic instant payments. That arrangement provides domestic finality for many retail and interbank payments. Use cases for an on-chain SEK token identified in the launch materials include tokenized securities, cross-border treasury flows, market making between fiat and crypto venues, and wallet and payment providers that require SEK balances on-chain and across networks.

AllUnity’s five-network rollout places SEKAU on networks with different stablecoin ecosystems. Ethereum has the deepest stablecoin liquidity; Solana, Base and Polygon have smaller stablecoin depth; Tempo’s public-chain stablecoin liquidity is not evident in public chain data. Being available across multiple chains does not by itself establish custody holdings, venue listings or trading depth.

Observers will look for independent reserve reports, disclosures of circulating supply and holder data, announcements of business customers and supported custodians, and listings or liquidity on exchanges and trading venues. Additional confirmation would come from SEKAU appearing in tokenized-asset workflows, treasury products or recurring settlement flows rather than only on product pages.

SEKAU’s MiCA-compliant regulatory status is recorded in the launch materials. Metrics for adoption, distribution and ongoing reserve verification have not yet been released.