AllUnity, The euro stablecoin will be released as a new joint venture between DWS, Galaxy, and Flow Traders, on all significant public permissionless L1s and L2s in addition to DeFi use cases.
Galaxy And German Asset Manager DWS
To jointly issue a stablecoin denominated in euros, Flow Traders and Michael Novogratz’s Galaxy Digital are joining forces with Deutsche Bank’s asset management division, DWS.
The plan to create AllUnity as part of a new alliance between DWS, Flow Traders, and Galaxy to introduce a “fully collateralized” euro stablecoin was formally announced by DWS Group on December 13.
The announcement states that the German Federal Financial Supervisory Authority, or BaFin, will oversee AllUnity’s operations. Tokenization and the mass adoption of digital assets will be AllUnity’s long-term targets.
“We will create a core infrastructure provider that enables secure on-chain settlement for institutional, corporate, and private use by bridging the gap between the traditional and digital finance ecosystems through the creation of AllUnity in the future,” stated Stefan Hoops, CEO of DWS.
He noted that companies operating internet-of-things operations could make payments “securely and in fractions 24/7” by using AllUnity’s stablecoin.
Novogratz, the CEO and founder of Galaxy, stated:
“Europe, a region at the forefront of the exploration of safe, secure digital money, is paving the way for this inevitable shift in payment systems. Digital currencies are the natural evolution of the global payment system.”
The proposed euro stablecoin will bring together the product structuring and portfolio management skills of DWS with the liquidity services and global connectivity of Flow Traders in both traditional and digital assets.
Galaxy, a digital investment company founded by Novogratz, will supply the technical foundation and a proven track record of producing digital asset solutions. In order to support AllUnity, its fully-owned subsidiary GK8 will grant licenses for its tokenization and custodial services.
AllUnity plans to incorporate its company in the first half of 2024, and the stablecoin launch is anticipated to happen 12 to 18 months after BaFin approval. The representative stated, “AllUnity will start the process for the E-money license after it has been incorporated in Q1 2024.”
