DWS, Galaxy Digital and Flow Traders to launch euro-denominated stablecoin

The Deutsche Bank-founded DWS Group, market maker Flow Traders and Mike Novogratz’s Galaxy Digital will join forces to launch stablecoin pegged to the euro.

The new organization will be named AllUnity — led by Alexander Höptner, who has held roles at Börse Stuttgart, Deutsche Börse and as head of the cryptocurrency derivatives exchange BitMEX.

The company has filed an application with BaFin for a license to operate as an electronic money institution with further compliance with MiCA.

GK8, the subsidiary of Galaxy Digital, will provide tokenization and custody technologies.

AllUnity intends to become the primary infrastructure provider for secure on-chain settlement for institutional investors, corporations and private investors.

The launch of the stablecoin is planned within the next 12-18 months after all necessary approvals.

Earlier Circle launched the euro-denominated ‘stablecoin’ EURC on the Stellar network. The asset initially received support Ethereum and Avalanche.

Earlier the company also announced the renaming of the stablecoins USD Coin and Euro Coin to USDC and EURC. The new names align with the tickers of the stablecoins.

In December Bitstampadded to the listing the stablecoin EUR CoinVertible. Its issuer is the third-largest French bank Société Générale.