Deutsche Bank’s Asset Management Arm, DWS, Teams Up with Galaxy Digital and Flow Traders to Launch Euro Stablecoin
Deutsche Bank’s asset management arm, DWS, has announced a new partnership with Galaxy Digital and Flow Traders to create AllUnity, a euro-denominated stablecoin. The collaboration aims to launch a fully collateralized stablecoin regulated by the German Federal Financial Supervisory Authority (BaFin). AllUnity’s long-term goal is to drive mass adoption of digital assets and tokenization.
AllUnity to Bridge Traditional and Digital Finance Ecosystems
DWS CEO Stefan Hoops stated that AllUnity will serve as a core infrastructure provider, facilitating secure on-chain settlement for institutional, corporate, and private use. The stablecoin can be utilized by corporations with internet-of-things businesses for secure and fractional payments.
The Evolution of Digital Currencies
Galaxy founder and CEO Michael Novogratz believes that digital currencies are the natural evolution of the world’s payment system. He sees Europe as a region leading the exploration of safe and secure digital money.
A Comprehensive Partnership
The planned euro stablecoin will combine DWS’ portfolio management expertise, Flow Traders’ liquidity services, and Galaxy’s technical infrastructure. Galaxy’s subsidiary GK8 will also provide tokenization and custodial services to support AllUnity.
Timeline and Regulatory Clarity
AllUnity expects to incorporate its business in early 2024, with the stablecoin launch anticipated 12 to 18 months after BaFin approval. The partnership anticipates regulatory clarity from the Markets in Crypto Assets regulations (MiCA) in Europe, which provide a legal framework for stablecoins and other digital assets.
Hot Take: DWS, Galaxy Digital, and Flow Traders Collaborate to Launch Euro Stablecoin
Deutsche Bank’s asset management arm, DWS, has joined forces with Galaxy Digital and Flow Traders to introduce a euro-denominated stablecoin called AllUnity. This collaboration aims to bridge the gap between traditional and digital finance ecosystems by providing secure on-chain settlement for various use cases. The partnership combines the expertise of DWS in portfolio management, Flow Traders’ liquidity services, and Galaxy Digital’s technical infrastructure. With regulatory approval from BaFin and the expected clarity from MiCA regulations, AllUnity is set to drive mass adoption of digital assets and tokenization. The launch of the stablecoin is planned for 12 to 18 months after approval.
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