PwC Germany has built a securitization payout solution for EOS Group on the Stellar network, reducing settlement time from 30 days to one day using smart contracts and a MiCA-regulated euro stablecoin.
The system runs payout waterfall logic through smart contracts that settle in AllUnity's EURAU stablecoin, which holds a BaFin license under the Markets in Crypto-Assets Regulation. Tech implementation was handled by Tokenforge. The solution compresses a standard securitization settlement cycle, where tranches of investors receive payouts in priority order over weeks or months, into near-instantaneous execution on chain.
Securitization structures package asset cash flows, typically mortgages or loan receivables, into tradeable securities for institutional investors. The waterfall mechanism allocates incoming payments first to senior tranches, then to subordinated investors, with any excess flowing to equity holders. Manual processing and correspondent banking delays have historically kept settlement at 30 days or longer for European deals. Stellar's network and the use of a regulated stablecoin eliminate those intermediaries.
EOS Group is a German alternative asset manager. AllUnity operates the EURAU stablecoin, which BaFin approved under MiCAR in 2024. The regulatory approval of euro stablecoins by European supervisors has accelerated tokenized finance deployments in the region; Deutsche Bank and DWS received similar clearance for a separate euro stablecoin in 2024.
The deal tests whether blockchain settlement can compress capital markets plumbing that has remained largely unchanged for decades. Securitizations move roughly 300 billion euros annually in Europe, according to market data, most of it still settling through legacy banking rails. If institutional asset managers adopt on-chain settlement for securitizations at scale, the speed gain alone could free up billions in working capital across the investor base.
The primary question is whether buy-side adoption follows. A single deployment by PwC and EOS Group does not guarantee that other securitization arrangers, sponsors, or investors will move to on-chain settlement. If AllUnity's EURAU stablecoin adoption remains confined to niche use cases through end of 2026, the structural advantage of instant settlement may not materialize.
