Galaxy

Bank AI

USDC

<div class="cryptonews">
 <p class="is-style-lead">The former head of the BitMEX cryptocurrency exchange, Alexander Höptner, will head a new company to <a rel="noopener noreferrer nofollow" title="issue" href="https://thebittimes.com/tag/issue.html">issue</a> a <a rel="noopener noreferrer nofollow" title="stablecoin" href="https://thebittimes.com/tag/stablecoin.html">stablecoin</a> pegged to the euro.</p>
 <p>The European Union’s new regime for crypto assets, which includes rules for stablecoins, offers a clearer path for financial providers looking to enter the market and could spark wider adoption of euro-denominated tokens.</p>
 <p>According to Bloomberg, Deutsche Bank and Dutch market maker Flow Traders will be partnering with crypto fund manager Galaxy Digital Holdings to create a euro-backed <a rel="noopener noreferrer nofollow" title="stablecoin" href="https://thebittimes.com/tag/stablecoin.html">stablecoin</a>.</p>
 <p>The new firm, called AllUnity, will be based in Germany and has plans to drive wider adoption of tokenized assets. Höptner says the plan is for DWS to manage the reserves of the proposed stablecoin.</p>
 <div class="cn-block-related-link">
  <svg class="cn-block-related-link__icon icon" aria-hidden="true"><use xlink:href="#"></use>
  </svg> <span class="cn-block-related-link__prefix"> You might also like: </span> BitMEX Set to Dismiss 30% of its Workforce
 </div>
 <p>AllUnity will launch in the first quarter of 2024 after receiving initial regulatory approvals, but will only launch its stablecoin after receiving a full electronic money license, according to a company statement.</p>
 <p>The initiative comes amid the imminent introduction of cryptocurrency regulation in the European Union called Market in Crypto Assets (MiCA).</p>
 <p>However, dollar-pegged stablecoins remain more popular than their digital euro counterparts.</p>
 <p>Tether, the $90 billion market leading stablecoin behemoth, is followed by USDC, which has a market cap of $24 billion, both of which are pegged to the U.S. dollar.</p>
 <p>USDT’s dominance may be wavering, however, as USDC — the <a rel="noopener noreferrer nofollow" title="stablecoin" href="https://thebittimes.com/tag/stablecoin.html">stablecoin</a> <a rel="noopener noreferrer nofollow" title="issue" href="https://thebittimes.com/tag/issue.html">issue</a>d by Circle — was ranked significantly higher on the S&amp;P’s latest global rankings published on Dec. 13.</p>
 <p>AllUnity is the just latest in a crowded stablecoin market but eyes are now on the German backed reserve to add to what is already a $128 billion market.</p>
 <div class="cn-block-related-link">
  <svg class="cn-block-related-link__icon icon" aria-hidden="true"><use xlink:href="#"></use>
  </svg> <span class="cn-block-related-link__prefix"> You might also like: </span> Tether’s marketcap reaches new milestone of $90b
 </div> <span class="google-news-banner__label">Follow Us on Google News</span>
</div>
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/former-bitmex-ceo-to-head-euro-stablecoin-issue-tbt73517.html">https://thebittimes.com/former-bitmex-ceo-to-head-euro-stablecoin-issue-tbt73517.html</a></p>

Former BitMEX CEO to head euro stablecoin issue

TheBitTimes

Other articles published on Dec 13, 2023

Cardano’s price dips: The reasons behind the decline

Will BNB Coin Price Continue to Rise? BNB’s On-Chain Data!

Crypto Assets Triumph As Commodities, But Face Regulatory “Turf War,” Says US CFTC Chair

Warning of Price Manipulation for Altcoin FTT

Here’s When Bitcoin (BTC) Price Will Hit New ATH – Rekt Capital Predicts Timeline

Insomniac Games suffers ransomware breach

Join our free newsletter for daily crypto updates!