Galaxy Digital, DWS and Flow Traders join forces forces with the intention ofissue a stablecoin backed by theeuro and regulated by the BaFin under the banner AllUnity.
This Wednesday, billionaire Mike Novogratz’s crypto firm, Galaxy Digitalhas announced a partnership with two major TradFi players: DWS Group and Flow Traders. The 3 companies wish to create a joint venture named AllUnity to launch a stablecoin euro regulated in Germany.
DWS will bring its expertise in portfolio management and product structuring, while Flow Traders will be in charge of liquidity provisioning and connectivity between digital and traditional assets. Galaxy’s technology infrastructure will be leveraged to support stablecoin, which will also take advantage of solutions from GK8, a crypto-custody platform acquired by Galaxy in late 2022.
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For the 3 giants, the forthcoming application of MiCA will bring regulatory clarity for stablecoins in the EU. However, the European regulation on crypto-assets could impose drastic restrictions on issuers. This summer, the European Banking Authority presented a first package of measures for consultation, aimed at fleshing out MiCA requirements on stablecoins.
We are delighted to be collaborating with DWS and Flow Traders, two pioneers in the financial industry, to introduce an open, fungible and interoperable stablecoin denominated in EUR that will enable investors worldwide to access the burgeoning digital asset space,” said Galaxy boss Novogratz in a statement.
Compared to dollar stablecoins, euro-backed tokens are much less widely used in the crypto ecosystem today. Tether’s EURT and Circle’s EUROC have market caps of less than $100 million.
Recently, the number 1 in crypto-trading, Binance, introduced the stablecoin euro AEUR on its platform. French bank Société Générale listed its EUR CoinVertible token on Bitstamp in early December.
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