Galaxy Digital plans to launch Euro stablecoin with DWS and Flow Traders
AllUnity aims to mainstream crypto corporate adoption through reliable, stable value.
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DWS Group, a leader in global asset management, Dutch market maker Flow Traders, and Galaxy Digital, a US crypto financial- services firm, are uniting to launch a euro-denominated stablecoin.
The newly formed company, AllUnity, is on a mission to obtain an e-money license from BaFin, Germany’s financial authority. They aim to introduce a fully collateralized stablecoin in the next eighteen months. DWS and Galaxy Digital have also partnered to develop a broad range of crypto-focused exchange-traded products (ETPs) for European investors.
This collaboration aims to provide European investors with investment solutions in the $1 trillion digital assets market that are both cost-effective and accessible. Fiona Bassett, the Global Head of Systematic Investment Solutions at DWS, has made a statement on this matter.
“As we see increasing client interest in digital assets and the need for secure access, our shared education-first approach and commitment to providing clients with access via well-known and trusted investment vehicles will enable us to build thoughtfully constructed and thoroughly researched products.”
The timing of AllUnity’s euro-pegged stablecoin launch is crucial, as it could align with a significant period for digital assets in Europe. In 2024, the European Central Bank (ECB) plans an extensive pilot of the digital euro CBDC. Germany’s and the ECB’s advancements in digital asset regulation could create an increasingly favorable environment.
Should AllUnity meet its 12-18-month target for regulatory approval and launch a viable euro stablecoin, it could catalyze a significant shift in Europe’s digital economy.
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