Stablecoin

Flow

Galaxy

Source: Adobe Stock 
Deutsche Bank’s DWS Group, along with Dutch market maker Flow Traders Ltd. and crypto fund manager Galaxy Digital Holdings Ltd., is set to establish a company named AllUnity with the aim of issuing a euro-denominated stablecoin. 
The initiative will be headquartered in Frankfurt and led by Alexander Höptner, former CEO of crypto platform BitMEX, as <a href="https://www.globenewswire.com/news-release/2023/12/13/2795243/0/en/DWS-FLOW-TRADERS-AND-GALAXY-ANNOUNCE-THE-INTENTION-TO-LAUNCH-ALLUNITY-TO-ISSUE-A-REGULATED-EUR-DENOMINATED-STABLECOIN-EXPECTED-TO-UNLOCK-THE-POTENTIAL-OF-THE-ON-CHAIN-ECONOMY-AND-A.html">announced in a joint statement</a> on Wednesday. 
The consortium plans to apply for an e-money license from Germany’s financial regulator BaFin, anticipating the launch of its fully collateralized stablecoin within the next 18 months. 
Earlier, the <a href="https://cryptonews.com/news/eba-releases-liquidity-guidelines-for-stablecoin-issuers.htm">European Banking Authority (EBA) released guidelines</a> for stablecoin issuers. 
<h2 id="stablecoin-to-cater-to-instiutions-and-corporates">Stablecoin to Cater to Instiutions and Corporates</h2> 
 Leveraging their collective influence in both traditional and crypto markets, the firms intend to create a stablecoin catering to institutions, corporates, and private users. DWS, predominantly owned by Deutsche Bank, oversees assets totaling €860 billion ($927 billion), while Flow Traders handled €2.8 trillion ($3 trillion) worth of assets in the initial half of the year and has been active in crypto since 2017. Galaxy Digital, led by renowned investor Michael Novogratz, offers diverse services ranging from crypto trading and asset management to mining. 
According to Alexander Höptner, the partnership combines the trustworthiness of a major asset manager, a highly successful market maker, and a leading innovator in the crypto sector, providing the stability, trust, connection, and market power necessary for viable and usable stablecoins. 
This collaborative effort mirrors the latest trend among major companies entering the stablecoin market, particularly focusing on euro-denominated tokens. 
While the stablecoin market has grown to approximately $130 billion, euro stablecoins have encountered limited demand, averaging monthly trading volumes of $90 million, compared to the $600 billion monthly average for US dollar-denominated coins.

Deutsche Bank’s DWS Group Teams Up with Galaxy Digital to Issue Euro Stablecoin

Table of Contents

Cryptonews.com

Other articles published on Dec 13, 2023

AI and Crypto: France Falls Victim to Rivalry Between the USA and China!

Shifting Dominance in the NFT Marketplace

Coinstore Marks 3rd Anniversary with Massive Prizes and Global Expansion Plans (12 Dec)

Bahrain-based CoinMENA Secures VASP License by Dubai’s VARA

DoJ charges two men for operating $25m AI crypto ponzi scheme

Cardano Price Prediction As Pennant Pattern Signals a 34% Breakout Rally

Join our free newsletter for daily crypto updates!