Stablecoin

Flow

Galaxy

Tether USDt

<img width="1200" height="837" src="https://coingape.com/wp-content/uploads/2020/02/Webp.net-resizeimage-20.jpg" class="attachment-full size-full wp-post-image" alt="" decoding="async" style="float:right; margin:0 0 10px 10px;" srcset="https://coingape.com/wp-content/uploads/2020/02/Webp.net-resizeimage-20.jpg 1200w, https://coingape.com/wp-content/uploads/2020/02/Webp.net-resizeimage-20-300x209.jpg 300w, https://coingape.com/wp-content/uploads/2020/02/Webp.net-resizeimage-20-768x536.jpg 768w, https://coingape.com/wp-content/uploads/2020/02/Webp.net-resizeimage-20-1024x714.jpg 1024w" sizes="(max-width: 1200px) 100vw, 1200px">
In what could be furthering the market share of <a href="https://coingape.com/glossary/stable-coins/" target="_blank" rel="noopener">stablecoins</a> in the crypto ecosystem, Deutsche Bank, along with other partners, is reportedly launching a euro-based stablecoin. 
Also Read: <a href="https://coingape.com/here-why-bitcoin-and-crypto-market-falling-today" target="_blank" rel="noopener">Here’s Why Bitcoin (BTC) And Crypto Market Falling Today</a> 
<h2 id="deutsche-bank-s-euro-stablecoin">Deutsche Bank’s Euro Stablecoin</h2> 
According to a Bloomberg report, Deutsche Bank’s DWS Group, Netherlands based market maker Flow Traders, and crypto fund manager Galaxy Digital Holdings are in plans to launch a company to issue an euro-denominated stablecoin. The initiative is aimed at driving mainstream adoption of tokenized assets, the report <a rel="nofollow" href="https://www.bloomberg.com/news/articles/2023-12-13/dws-flow-traders-and-galaxy-are-forming-a-firm-to-issue-an-euro-stablecoin" target="_blank">said</a>. The new company by the name ‘AllUnity’ is set to be operated from Frankfurt, Germany while efforts to gain regulatory approval are underway. 
Currently, the stablecoin market is dominated by Tether USDt (USDT) with a total market cap of $90.65 billion and Circle’s (USDC) market cap of $24 billion. 
<h2 id="former-bitmex-ceo-to-lead-new-company-allunity">Former BitMex CEO To Lead New Company AllUnity</h2> 
The name of the stablecoin is yet to be known while the company, AllUnity, is set to apply for an e-money license with the local financial watchdog the Federal Financial Supervisory Authority (BaFin). AllUnity will reportedly be headed by Alexander Höptner, who was formerly the chief executive officer of <a href="https://coingape.com/glossary/Crypto-exchange-2/" target="_blank" rel="noopener">crypto exchange</a> BitMex. 
The stablecoin will be fully backed by collaterals, the report said. This could be an important aspect in the stablecoin space owing to the criticism around lack of clarity on collateral and the funds to back the stablecoin operations. For example, Tether, the company behind USDT, had in December 2022 <a href="https://coingape.com/this-move-by-tether-finally-put-all-fuds-to-rest/" target="_blank" rel="noopener">announced</a> plans to minimize its loan exposure, after concerns were raised around the safety of stablecoins, in the context of the FTX collapse. 
The company said it was focusing on maintaining transparency, accountability and operational eminence to safeguard itself from such calamities. Mike Novogratz’s Galaxy Digital, also had <a href="https://coingape.com/crypto-news-mike-novogratz-galaxy-digital-ftx-exposure/" target="_blank" rel="noopener">exposure</a> to FTX. 
Also Read: <a href="https://coingape.com/cz-binance-say-us-sec-claims-on-doj-settlement-irrelevant/" target="_blank" rel="noopener">CZ, Binance Say US SEC Claims On DOJ Settlement ‘Irrelevant’</a> 
The post <a href="https://coingape.com/deutsche-bank-others-to-issue-euro-based-stablecoin/">Breaking: Deutsche Bank, Others To Issue Euro-based Stablecoin</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Breaking: Deutsche Bank, Others To Issue Euro-based Stablecoin

Table of Contents

Coingape News Media

Other articles published on Dec 13, 2023

Significant Decrease in Crypto Hacking Losses in 2023

Prominent Analyst il Capo Assesses BTC Price and Reveals the Altcoin He Closed His Short Position

Revolutionizing Anonymity: Bitcoin Mixer Tumbler.io in the Era of Crypto Surveillance

Cantor Fitzgerald CEO reveals admiration for Bitcoin and Tether

Financial Giant BlackRock and Others Continue to Discuss Bitcoin ETF Application with the SEC: He...

On Shaky Ground: Bitcoin’s Uneasy Stance Just Above $40,000 Ahead Of FOMC

Join our free newsletter for daily crypto updates!