PwC and EOS Put a Securitisation Payout Waterfall on Stellar, Settled in a Euro Stablecoin

PwC Germany says it has built a blockchain system that cuts a monthly securitisation payout cycle from “30 days or longer” to “a single day”. It was made for EOS Group, a German debt-collection and receivables firm, with software firm tokenforge, stablecoin issuer AllUnity and the Stellar Development Foundation. Payouts settle in a euro stablecoin on the Stellar blockchain. PwC announced it on 7 October 2026. This is about financial plumbing; nothing here is investment advice.

Spotted via MSB Intel (@MSBIntel) on X.

The problem it targets

In a securitisation, a pool of loans or other receivables is placed in a special-purpose company, which sells notes to investors in ranked slices called tranches. Each month, money coming in from the loans is paid out in a fixed order, known as the “waterfall”. PwC says working out each tranche’s share is “an error-prone process that today often takes place in spreadsheets and has to be reconciled several times” (company statement, TSN translation) [1].

Who does what

Confirmed (company release). PwC says it developed the solution, called “EOS Automated Receivables Settlement”, “together with implementation partner tokenforge and AllUnity as e-money issuer”, building “on Stellar a blockchain-based settlement infrastructure that maps the entire waterfall logic of a securitisation directly in a smart contract and executes it automatically” [1]. In its account:

• PwC took “end-to-end responsibility for the project”, in particular concept and regulatory design.
• tokenforge handled technical delivery, including “the smart contract logic and the underlying platform components”.
• EOS “initiated” the work and shaped it with its receivables know-how.
• AllUnity is the e-money issuer; settlement happens “almost immediately in a regulated euro stablecoin (e-money)” [1].

tokenforge’s own post gives the same split and says “AllUnity issued the regulated e-money” [2]. Neither names the token. AllUnity’s only euro stablecoin is EURAU, which it said went live on Stellar in April 2026, naming “PwC DE” among early users [3]. AllUnity describes EURAU as “MiCAR-compliant”, and PwC says the system combines technology “with regulated e-money in euros under the European MiCA framework” [1][3]. MiCA is the EU’s crypto-asset law; under it, holders of e-money tokens have a legal right to redeem them at face value from the issuer [3].

What the companies claim

Company claims. PwC says payouts are calculated automatically and the process is “fully auditable and compliant with the EU Securitisation Regulation”. It calls this “one of the first use cases worldwide” combining waterfall logic, blockchain settlement and regulated e-money, and says it is “unique in the European area” [1]. tokenforge calls it “among the first productive applications worldwide” and, on 9 October, “live on Stellar” [2][4].

EOS’s Sebastian Pollmer said he is “convinced the approach can be applied far beyond this first structure” (TSN translation) [1]. That is an expectation, not an announced roll-out.

What this does not prove

• How much money has moved. None of the releases gives the size of the securitisation, investor numbers or payouts completed.
• That the one-day cycle is independently checked. The “30 days or longer” to “a single day” comparison is PwC’s. One PwC quote in the same release says today’s process takes “several days per month”, so the starting point is loosely defined [1].
• That it is live at scale. “Productive” and “live” are tokenforge’s words; PwC says only that the process “can now” run almost in real time [1][2][4].
• That the stablecoin is risk-free. A regulated issuer and a redemption right are not the same as no risk [3].

The Bottom Line

PwC, EOS, tokenforge, AllUnity and Stellar have put a securitisation’s payout rules into a smart contract, with investors paid in AllUnity’s euro e-money. The roles are clear and the speed-up is the companies’ own claim. What’s missing is scale: one first structure, no published volumes. For Stellar, it follows State Street’s SWEEP tokenised fund on the same chain [5].

Related on TSN: Tokenised Funds in September: Venture Exposure, 24/7 Cash and Collateral; Tokenised Assets Go Institutional: Shares, Custody, Home Loans and a €100m Fund Unit; RWA cash-like vs credit: what backs the token, and how to tell

Sources

1. PwC Deutschland, “Von 30 Tagen auf einen Tag: PwC stellt neue Lösung für automatisiertes Settlement in Verbriefungen vor”, press release, Frankfurt am Main, 7 October 2026 (German; quotations are TSN translations; claims are company statements). https://www.pwc.de/de/pressemitteilungen/2026/von-30-tagen-auf-einen-tag-pwc-stellt-neue-loesung-fuer-automatisiertes-settlement-in-verbriefungen-vor.html
2. tokenforge (@tokenforge), X post, 7 October 2026, 09:19 BST (company statement; read via the X API). https://x.com/tokenforge/status/2107747699646754867
3. AllUnity, “EURAU Launches on the Stellar Network”, 13 April 2026 (company release, including its MiCAR redemption-right notice). https://allunity.com/news/eurau-launches-on-the-stellar-network
4. tokenforge (@tokenforge), X post, 9 October 2026, 12:45 BST (“live on @StellarOrg”; company statement; read via the X API). https://x.com/tokenforge/status/2108524236243402784
5. TSN, “Tokenised Funds in September: Venture Exposure, 24/7 Cash and Collateral”. https://tsnmedia.org/tokenised-funds-arkvx-securitize-state-street-sweep-stellar-bybit-franklin-wisdomtree/
6. MSB Intel (@MSBIntel), X post, 8 October 2026, 17:49 BST (first seen; read via the X API). It goes beyond the primary evidence by calling the news “BREAKING” a day after PwC’s release and stating flatly that PwC is “cutting payout time from 30 days to 1 day”; PwC says such cycles “often” take “30 days or longer”, gives no volumes, and also describes the process as taking “several days per month”. Its “MiCA-regulated euro stablecoin” wording is shorthand for PwC’s “regulated euro stablecoin (e-money)” and “regulated e-money in euros under the European MiCA framework”; PwC does not name EURAU. https://x.com/MSBIntel/status/2108238414428373021