1 month ago
A associated task betwixt Deutsche Bank’s (DBK) plus absorption subsidiary DWS, Flow Traders and Galaxy (GLXY) said it volition contented Germany’s archetypal regulated, euro-denominated stablecoin aft receiving an e-money instauration (EMI) licence from the Federal Financial Supervisory Authority (BaFin) this week.
The AllUnity EURAU stablecoin, which volition comply with Europe’s Markets successful Crypto Assets (MiCA) framework, was teased by the companies back successful December 2023.
EURAU volition beryllium 100% collateralized and present institutional-grade transparency done impervious of reserves and regulatory reporting, according to a release. The token tin beryllium utilized for 24/7 instant cross-border settlements, seamless integration for regulated fiscal institutions, fintechs, Treasuries (ERP) and endeavor clients crossed Europe and beyond, AllUnity said.
The stablecoin joins a increasing fig of euro-pegged tokens, including those that person popped up since MiCA took effect astir a twelvemonth ago. They see Circle’s (CRCL) EURC and Société Générale’s (GLE) EURCV alongside MiCA-compliant dollar coins specified arsenic SocGen's USDCV and the Robinhood (HOOD)-backed Global Dollar USDG.
Speaking astir securing an EMI licence from BaFin, Alexander Höptner, CEO of AllUnity said successful a statement: "This licence is not conscionable a regulatory hurdle cleared, it’s a foundational measurement towards gathering a genuinely secure, transparent and compliant integer cross-border outgo ecosystem for Europe and planetary markets."
Read more: Market Cap of Euro Stablecoins Surges to Nearly $500M arsenic EUR/USD Rivals Bitcoin's H1 Gains
CORRECT (July 2, 08:33 UTC): Changes tense successful headline.
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