la nuova stablecoin Euro di Galaxy, DWS e Flow Traders

AllUnity is the name of the new Euro-anchored stablecoin that will be launched soon by the three partners DWS, Galaxy, and Flow Traders. 

This is a fully collateralized stablecoin regulated by BaFin, the German financial supervisory authority. 

AllUnity: who are the partners behind the project of the new stablecoin anchored to the Euro?

It is still an intention, but a few hours ago, the three partners Galaxy, DWS, and Flow Traders announced the new project of AllUnity: the new stablecoin anchored to the Euro. 

“News! @galaxyhq, @DWS_Gruppo, and Flow Traders have just announced their intention to found AllUnity. AllUnity’s mission is to revolutionize the on-chain economy by issuing a euro-denominated stablecoin that is fully collateralized and regulated by the German financial regulatory authority BaFin.”

AllUnity will be fully collateralized and regulated by BaFin, the German financial supervisory authority. Its long-term mission will be to accelerate the adoption of digital assets and tokenization in the mass market.

According to what is reported, the three partners behind the project are contributing, combining their skills.

And indeed, DWS contributes with its strong portfolio management and product structuring capabilities. Flow Traders, on the other hand, will bring its strong experience in providing liquidity and connectivity in both traditional and digital assets globally.

Finally, Galaxy will be able to involve its experience in providing innovative digital asset solutions to investors in the AllUnity project. 

AllUnity: the Euro stablecoin will be launched within 12-18 months

The new Euro stablecoin signed by DWS, Galaxy, and Flow Traders will be launched in 12-18 months. This waiting period will serve to give AllUnity greater regulatory clarity, also in view of the MiCA Regulation within the EU. 

Not only that, this period also sees the process of applying for an electronic money license at BaFin. 

For informational purposes, the announcement confirms the appointment of AllUnity CEO Alexander Höptner, who commented as follows: 

“[..] In light of the current market developments, I am personally excited about AllUnity’s prospects and honored to have been chosen as CEO. In the coming period, we will focus on building a strong team of experts in cryptocurrencies, financial markets, technology, and regulation to accomplish our mission.”

Even Mike Novogratz, CEO and founder of Galaxy, commented on the new Euro stablecoin project as follows:

“Digital currencies are the natural evolution of the global payment system and Europe – a region at the forefront of exploring secure and protected digital money – is leading the way in this inevitable change. We are excited to collaborate with DWS and Flow Traders, two pioneers in finance, to introduce an open, fungible, and interoperable stablecoin denominated in euros that will allow investors from around the world to access the thriving digital asset space. Furthermore, this partnership will accelerate our growth strategy, with the innovative tokenization and custody technology of our wholly-owned subsidiary GK8 supporting AllUnity in driving mass adoption of stablecoins in a relatively nascent segment.”

Société Générale and its ethereum-based stablecoin

While DWS, Galaxy, and Flow Traders announce their intention to launch their euro-anchored stablecoin, the crypto division of Société Générale, SG Forge, recently introduced EUR CoinVertible (EURCV).

This is a stablecoin anchored to the value of the euro but issued on the Ethereum blockchain. 

Not only that, EURCV is also the first case in which a banking institution uses a public blockchain for the launch of its stablecoin. 

And indeed, the unit of the bank based in Paris, SG Forge, has stated that EUR CoinVertible was born precisely to bridge the gap between traditional European markets and the world of crypto assets. 

In fact, at the moment, European users who want to enter the crypto world without exposing themselves to market volatility cannot rely on many solutions other than stablecoins issued by companies outside the continent. 

EURCV will also be used for on-chain liquidity financing and refinancing activities. 

A few days after the launch of EUR CoinVertible, BitStamp has become the first crypto-exchange to list the stablecoin issued by the banking institution on Ethereum.

European users who want to enter the crypto world without exposing themselves to market volatility, cannot rely on many solutions other than stablecoins issued by companies outside the continent.

The new virtual currency will also be used for on-chain liquidity financing and refinancing activities.

According to SG Forge, the continuous pressure and demand from their clients for an asset class that exists on-chain but is able to maintain a stable value anchored to that of the euro, has pushed them to deliver the product.

In fact, the stablecoin of the US financial giant JP Morgan, JPM Coin, has been in use for over 2 years but is only traded internally on a private network of the bank itself and used as a token for settlements between financial institutions, let’s say a kind of XRP.

In this case, however, the intentions are much more interesting, since EURCV will live on Ethereum and can be traded by anyone, in a trustless manner.