SAP Pay goes live with four MiCA stablecoins via AllUnity and Tereina
Key points
- Tereina has integrated all four of AllUnity's MiCA-regulated stablecoins, covering euro, Swiss franc, Swedish krona, and US dollar denominations, into SAP Pay for businesses running SAP Cloud ERP.
- AllUnity is a joint venture of Deutsche Asset Management (formerly DWS), Galaxy, and Flow Traders; Tereina is an SAP-backed company.
- A separate Tereina collaboration with Circle, announced last month, added MiCA-regulated USDC and EURC support to SAP Pay.
- Corporates can mint and redeem stablecoins directly with AllUnity as issuer, a feature with accounting and counterparty-exposure implications for treasury teams.
- AllUnity offers currency conversion across its four stablecoins, suggesting an FX revenue model anchored by market maker Flow Traders.
Businesses running SAP Cloud ERP can now settle payments in stablecoin-denominated euros, Swiss francs, Swedish kronor, and US dollars after Tereina, an SAP-backed company, embedded all four of AllUnity’s Markets in Crypto-Assets (MiCA) regulated stablecoins into SAP Pay. AllUnity is a joint venture between Deutsche Asset Management (formerly DWS), Galaxy, and Flow Traders. The integration follows a separately announced collaboration between Tereina and Circle, which added MiCA-regulated USDC and EURC support to the same infrastructure last month.
The practical scope extends beyond simple payment settlement. AllUnity has flagged use cases ranging from supplier payments to foreign exchange and intracompany treasury management, and the joint venture offers conversion between its supported currencies, a capability that takes on additional significance given that Flow Traders, a specialist market maker, is one of its founding partners. Tereina’s stated focus on agentic payments adds another layer, positioning the integration as infrastructure for automated, system-driven treasury workflows rather than just a stablecoin on-ramp.
A less-noticed but operationally meaningful feature is the ability for corporates to mint and redeem stablecoins directly with AllUnity as the issuer, bypassing secondary-market intermediaries. For treasury teams, that directness has implications for how the instruments are classified on the balance sheet and how counterparty exposure is measured. AllUnity’s chief executive Alexander Höptner framed the proposition as making multi-currency stablecoin settlement a standard component of SAP corporate treasury workflows available to treasurers globally.