Deutsche Bank’s DWS, Galaxy, Flow Traders Venture to Introduce German-Regulated Stablecoin
Main Idea
AllUnity, a joint venture between DWS, Flow Traders, and Galaxy, has received BaFin approval to issue Germany's first MiCA-compliant euro stablecoin, EURAU.
Key Points
1. AllUnity will issue EURAU, a fully collateralized euro stablecoin compliant with MiCA regulations.
2. The venture secured an e-money institution (EMI) license from BaFin.
3. EURAU aims to facilitate 24/7 cross-border settlements and integration for regulated financial institutions.
4. The stablecoin joins other MiCA-compliant euro-pegged tokens like Circle's EURC and Société Générale's EURCV.
5. AllUnity's CEO emphasized the significance of the BaFin license for institutional adoption of blockchain technology.
Description
A joint venture between Deutsche Bank’s (DBK) asset management subsidiary DWS, Flow Traders and Galaxy (GLXY) said it will issue Germany’s first regulated, euro-denominated stablecoin after receiving an e-money institution (EMI) license from the Federal Financial Supervisory Authority (BaFin) this week. The AllUnity EURAU stablecoin, which will comply with Europe’s Markets in Crypto Assets (MiCA) framework, was teased by the companies back in December 2023. EURAU will be 100% collateralized and ...
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