German Asset Manager DWS Partners with Galaxy to Introduce Euro Stablecoin
DWS is an asset management firm hailing from Germany that has partnered with Galaxy and Flow Traders to create a new venture. The venture is titled AllUnity which is working on issuing a euro-based stablecoin.
The Availability of Euro Stablecoin on Permissioned Blockchains
This stablecoin will be available for hosting on permissioned public networks, Layer1, Layer2, and DeFi networks. DWS is a branch of Deutsche Bank that is now working with Galaxy Digital founded by Michael Novogratz and Flow Traders.
The announcement about the venture was publicized at the start of the month. On this front, AllUnity informed the media regarding the partnership between various financial firms such as DWS Flow Traders and Galaxy Digital.
Federal Financial Supervisory Authority (BaFin) will work as the regulatory firm for AllUnity. The long-term mission of the firm is to ensure the increasing demand and utility of digital currencies and promote tokenization.
AllUnity to Work as a Bridge for Traditional and Digital Financial Networks
AllUnity is going to serve as a medium to bridge the gap between the DeFi and TradeFi sectors. For this purpose, the business will offer framework and infrastructure to facilitate node-based settlement for enterprise, private, and business transactions.
DWS CEO, Stefan Hoops noted that the firm will utilize internet-of-things based business models to utilize AllUnity stablecoin for payment purposes that can take place in fractions on a 24/7 basis.
On the other hand, Galaxy Digital founder and CEO Novogratz noted that digital currencies are next phase for development of exiting payment methods. He further stated that Europe is at the forefront of offering safe and secure digital money.
The stablecoin in question will integrate the DWS portfolio and product-structuring from Flow Traders to bring liquidity. Under the supervision of Novogratz, Galaxy Digital will bring the technical structure and facilitate track record of digital asset delivery solutions.
AllUnity to Acquire E-money License
Flow Traders spokesperson told media that the venture will get formal incorporation in the first quarter of 2024. In this manner, AllUnity will file for acquiring an E-money license.
As per the officials from the financial firms participating in the venture, stablecoin will be introduced in the next 12 to 18 months following the BaFin approval. The venture is waiting to gain greater regulatory approval in Europe on account of MiCA regulations.
DWS is a traditional banking services provider that has invested in two German digital currency firms in 2023. In June DWS CEO talked about the plan to introduce a digital twin fund accessible to investors and also shared plan to issue a euro-based stablecoin.
As per Flow Traders, AllUnity will also issue euro-based stablecoin on permission-less L1, L2, and DeFi networks. USDC issued a euro-backed stablecoin in the 2nd quarter of 2023. The stablecoin is based on Stellar, Ethereum, and Avalanche.
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