Launched in July 2025, EURAU is the first fully regulated, euro-based stablecoin from Germany. It helps connect the traditional world of finance and opportunities afforded by digital payment infrastructure. Stablecoins have gained relevance for German businesses as tools for payment, liquidity management, and new business models. EURAU has only intensified this situation.

This article explains the legal, financial, and tax aspects of stablecoins, including how businesses should record stablecoins in their accounts and how Stripe can support businesses with the integration of modern stablecoin-based payment processes.

What’s in this article?

• What are stablecoins?
  
• How can German businesses use stablecoins?
  
• What are the rules for stablecoins in Germany compared to the rest of the EU?
  
• How do taxes work for German stablecoins?
  
• How should German businesses record stablecoins in their accounts?
  
• Real-world examples of German businesses using stablecoins
  

What are stablecoins?

Stablecoins are digital currencies based on blockchain technology with values pegged to stable benchmarks. Unlike traditional cryptocurrencies, stablecoins are designed for price stability rather than appreciation. They are intended to minimize price fluctuations and offer a constant exchange value.

There are a number of different models used to achieve this stability. For example, fiat-backed stablecoins are pegged to a currency, meaning they are covered by real assets. There are also models that use raw materials or other cryptocurrencies as collateral. On the other hand, algorithmic stablecoins work without traditional reserves and manage their value using programmed supply mechanisms.

How can German businesses use stablecoins?

There are many advantages of stablecoins. For German businesses, they can open up new avenues for improving existing processes and developing new business applications.

Wire transfers

German businesses can use stablecoins to make national and international wire transfers. Transactions happen directly via blockchains. This means transactions can happen when the bank is closed, resulting in shorter payment times. International transfers often incur lower costs. In some instances, businesses can process payments without traditional banks, clearing houses, or other intermediaries. Additionally, being pegged to a stable asset reduces foreign exchange risks.

Payment options for customers

In ecommerce, stablecoins can provide new payment options for international customers, allowing shoppers to make purchases regardless of local payment methods and without time-consuming currency conversion processes. This simplifies checkout flows and can reduce cart abandonment rates. At the same time, businesses can access incoming payments faster. Fundamentally, blockchain technology provides access to new markets and customer groups, which is particularly interesting for businesses with global supply chains or digital business models.

Automated B2B billing

Stablecoins can also be used to automate B2B billing (e.g., using smart contracts). These trigger payments automatically as soon as defined conditions are met (e.g., goods received or services rendered). This reduces the amount of manual cross-checking and increases transparency and traceability in B2B billing.

Liquidity management

Stablecoins can also help with liquidity management. Businesses can hold short-term liquid funds digitally or transfer them between subsidiaries. This can help them centrally manage and quickly offset payment flows. In particular, international corporations can organize financial flows more efficiently and reduce their dependency on local bank infrastructures.

What are the rules for stablecoins in Germany compared to the rest of the EU?

The Markets in Crypto-Assets (MiCA) Regulation went into effect in 2025. It established a unified regulatory framework within the EU for stablecoins and other cryptocurrencies. MiCA is intended to protect investors and secure the stability of markets. Cryptocurrency exchanges can no longer offer stablecoins without MiCA authorization, if they serve customers in the EU. MiCA’s provisions apply in Germany, but there are also specific national regulations that go further than the EU rules.

Federal Financial Supervisory Authority (BaFin) regulations

The key difference between the regulation of stablecoins in Germany versus other EU countries is that stablecoins in Germany are fully integrated into the country’s legal framework for financial oversight. Stablecoin issuers are regulated by BaFin and must satisfy comprehensive requirements concerning capital resources, risk management, transparency, custody, and settlement. Therefore, German customers enjoy a particularly high degree of security.

Among other regulations, BaFin requires detailed proof that stablecoins are backed up by liquid funds, robust internal control systems, secure blockchain infrastructures, and comprehensive anti-money laundering measures. While some other EU countries are more flexible in their implementation of MiCA, expectations in Germany are often considered to be even stricter—especially regarding custody, settlement, and concrete business use cases.

How do taxes work for German stablecoins?

When it comes to tax, stablecoins are generally treated similarly to any other cryptocurrency in Germany. For natural persons, each transaction can constitute a private sale. On the other hand, businesses are taxed on their company assets, so gains and losses must be continuously recorded for tax purposes.

Gains are taxable if the holding period is less than one year. That said, stablecoins frequently only produce gains in theory because their value tends to remain stable.

Foreign exchange gains

Although stablecoins are pegged to stable benchmarks, German businesses can still generate taxable gains. This can be the case if they use stablecoins pegged to foreign currencies, such as the US dollar (USD). In this case, changes in the exchange rate between the euro and USD will impact the business’s taxable financial result. A typical example is USDC. This stablecoin is pegged to USD, so one USDC is roughly equal to one USD.

If a company purchases 20,000 USDC at a rate of one EUR/USD, that represents an investment of €20,000. If the exchange rate subsequently changes to 1.10 EUR/USD, the business could sell its stablecoins for €22,000. Although the value of USDC against USD has remained stable, the change in the exchange rate has produced a taxable gain of €2,000.

This example shows that even with stablecoins—which maintain a stable price, in principle—fluctuations in the exchange rate between the euro and the reference currency can lead to taxable revenue. Businesses in Germany should factor this into their bookkeeping and tax planning.

Swapping of stablecoins of the same type

Swapping stablecoins that are both pegged to a fiat currency can also have tax implications. In these cases—such as swapping USDC for USDT—the tax office assesses whether both tokens are of the same type or “identical” in financial terms. A token is a digital asset on the blockchain that represents specific rights or entitlements. For stablecoins, this is typically an entitlement to a fixed monetary amount (e.g., $1 USD). The two tokens are examined, and their identity is assessed with respect to tax. This assessment is based on the following criteria, among others:

• Equivalent technology: Are both tokens based on comparable blockchain standards?
  
• Functional identity: Do they serve the same purpose (e.g., maintaining a stable peg to USD)?
  
• Economic equivalence: Do both tokens provide the same entitlement (e.g., can they be re-exchanged for $1 USD)?
  
• Equal risk: Are the economic risks comparable?
  
• Fungibility: Are the tokens interchangeable, and can they be traded on the market without issue?
  

If these criteria are fulfilled, the transaction does not have to be taxed. If the answer to all of the above questions is yes, then the business does not obtain any financial benefit from the transaction. It is simply exchanging equivalent assets and is not generating profits, in the view of the tax office. Therefore, there is no need for tax to be levied.

Stablecoins and value-added tax (VAT)

In Germany, stablecoins are treated as crypto-assets, not legal currency. Therefore, payments made with stablecoins do not trigger VAT. In such cases, the normal VAT regime is applied to the transaction (i.e., the same rules that apply to payments made in euros or other currencies). For businesses, this means stablecoins can be used the same way as any other method of payment without incurring additional VAT. However, it is still important to document the transactions correctly for tax purposes.

How should German businesses record stablecoins in their accounts?

The German Commercial Code (HGB) contains provisions on how to treat stablecoins on businesses’ balance sheets in Germany. Stablecoins are not treated as legal currency or traditional foreign currency. Therefore, businesses typically report them under other assets.

Allocation on the balance sheet

Stablecoins are reported under current assets—provided they are not being used for the business on a permanent basis and are merely being held short-term (e.g., for settling payments, shoring up liquidity, or performing transactions as part of business operations). Businesses should only consider allocating stablecoins to fixed assets in exceptional cases, such as if the business intends to hold stablecoins long-term for strategic purposes.

Within current assets, stablecoins usually appear under other asset items. Businesses must not report them as cash holdings or cash with banks because stablecoins are not cash. They are also not deposits held with a financial institution.

Initial valuation

When first recognizing stablecoins, businesses valuate them at their historical costs. The historical cost of a stablecoin is the amount paid in euros, plus any directly attributable ancillary costs for transaction fees on the blockchain or trading platform fees. If a stablecoin is acquired by exchanging other cryptocurrencies, the historical cost is determined based on the fair value at the time of the transaction.

Subsequent valuation

Subsequent valuation in current assets is performed according to the strict lowest value principle. If the market value of a stablecoin falls below its historical cost, the business must perform an unscheduled depreciation. If the value subsequently rises again, the business can perform a writeup to no more than the original historical cost.

The value of stablecoins pegged to foreign currencies (e.g., USD stablecoins) can change as a result of fluctuations in the exchange rate. These foreign exchange differences must be taken into account on the balance sheet date, and they can impact annual net profit and net income.

Valuation on the balance sheet date

On the balance sheet date, a business must write down stablecoins to the lower fair value if it is below the acquisition cost. The fair value is usually determined by converting the market price on an active trading platform into euros using the applicable spot rate. At all times, businesses must ensure that the exchange rates used are applied consistently and that their application is auditable and documented.

Gains and losses

Gains or losses from selling, swapping, or valuating stablecoins are recorded on the income statement. Foreign exchange gains and losses must be taken into account separately here, especially stablecoins pegged to non-euro currencies. Despite the general price stability, these effects can have a measurable impact on the financial result.

Disclosures in the notes of annual financial statements

In the notes of their annual financial statements, businesses must disclose information on the type and valuation of key crypto-assets—if they are relevant to earnings, assets, and financial positions. In particular, this includes the following:

• Accounting and valuation methods
  
• Amount of stablecoins held
  
• Significant risks, such as custody or foreign exchange risks
  
• Significant events after the balance sheet date
  

Proper documentation of transactions, wallet holdings, and valuation principles is key because tax offices and statutory auditors focus on stablecoins during their audits.

Real-world examples of German businesses using stablecoins

German businesses can use stablecoins primarily in areas where international payment flows, digital business models, or automated processes play a central role. The three sample scenarios of best practices included below show typical use cases and illustrate when it makes sense to use stablecoins.

Best practice: International industrial supplier

A German machinery manufacturer with production facilities in Europe and Asia uses USD stablecoins to process payments to international suppliers. Instead of making traditional overseas wire transfers, the company settles its invoices directly in USDC.

The main benefits of this method are the speed and plannability of payments. Transactions are settled in minutes, regardless of bank opening hours or regional holidays. At the same time, not using multiple intermediaries dramatically reduces costs for international wire transfers. The business also enjoys greater transparency with its payment flows because it can trace each transaction individually on the blockchain.

The use of stablecoins is limited specifically to operational payment processes. The stablecoins are only held short-term and are regularly converted back into euros or USD to mitigate balance sheet exposure and foreign exchange risks.

Best practice: Ecommerce platform with international customers

A German ecommerce business with a digital product offers stablecoins as an additional payment option. Customers from outside Europe can pay for their purchases directly using a euro or USD stablecoin without relying on local payment methods or time-consuming currency conversions.

For the company, this reduces time spent processing payments and managing currencies. At the same time, incoming payments are available faster than with classic credit card or alternative payment providers. The technology is integrated via a regulated payment provider—such as Stripe—that plugs stablecoin payments into the company’s existing payment processes.

Stripe Payments allows businesses to accept stablecoin payments, while settlement in the background automatically occurs as fiat currency in Stripe credit. The ecommerce business can benefit from the reach and efficiency of stablecoins without holding stablecoins or managing complex wallet and custody structures. At the same time, bookkeeping and reporting is simplified because settlement is easily integrated into existing finance processes.

In this scenario, stablecoins act as an additional option for specific international target groups instead of as a replacement for existing payment methods. Therefore, the business model maintains its flexibility, ability to grow, and regulatory auditability, while generating new customer segments at the same time.

Best practice: Automated B2B billing in logistics

A German logistics firm combines stablecoins with smart contracts to automate billing with its business partners. As soon as receipt of goods is digitally confirmed, payment is made automatically in a stablecoin.

This cuts down the amount of manual cross-checking and massively reduces payment terms. At the same time, it increases traceability because delivery, billing, and payment are digitally linked. The business enjoys more efficient bookkeeping and better liquidity management.

Stablecoins are deployed within a clearly defined partner network where all parties accept the technical and legal framework. The traditional invoicing and documentation obligations remain the same and are systematically augmented.

Practical limitations

Despite their diverse use cases, stablecoins do not represent a universal means of payment for German businesses. Using them requires clear internal guidelines, proper mapping in accounts, and compliance with anti-money laundering, regulatory, and documentation requirements.

Additionally, stablecoins are treated as crypto-assets in Germany, not legal currency. Therefore, businesses must ensure that contract partners accept payment in stablecoins and that the legal framework is clearly regulated. Choosing the appropriate, regulated service provider is also key.

Another limiting factor is the volatility of exchange rates in relation to stablecoins pegged to foreign currencies. While the stablecoin itself maintains a stable value, euro exchange rates can impact a business’s balance sheet and tax bill. For many businesses, this means only using stablecoins short-term and not as a permanent method of storing value.

Finally, the work of integrating the necessary tech is important. Wallet management, information technology (IT) security, and internal control mechanisms have to be adapted for the use of blockchain-based payment methods. Without the right expertise or outside support, any efficiency gains a business expects can be curtailed.