Allunity, a joint venture established by Deutsche Bank, which features investment management division DWS, digital asset company Galaxy and Market Maker Flow Traders, is preparing to launch a MIC-compliant Euro Stablecoin after receiving an electronic money agency (EMI) license from German financial regulator Bafin.
Deutsche Bank’s DWS unit launches German regulated euro stub coin in partnership with Galaxy and Flow Traders
The newly launched digital asset Eurau is 100% secured and provides system-level transparency. According to the summary, this transparency is achieved through regular proof of reserves and regulatory reporting.
Eurau aims to provide seamless integration for regulated financial institutions, fintechs, corporate financial management (ERP) systems and businesses, enabling seamless cross-border payments 24/7 in Europe and beyond.
The initiative will take part in the ranks of the Euro family of Stubcoin Project following the introductory of the European Union’s Crypto Asset Market Regulation (MICA) framework.
Among the Circle’s Euroc, Société Générale’s EurocV, and dollar-based Stablecoins, Global Dollar (USDG), backed by Société Générale’s USDCV and Robinhood, is also on the market using MICA licenses.
Calling attention to the importance of EMI licensing, Allunity CEO Alexander Höptner said:
Allunity’s Stablecoin initiative aims to provide a competitive, regulated, and business-friendly alternative to Decentralized Finance (DEFI) that replaces European digital payment infrastructure.
*This is not investment advice.
