The asset management company DWS and banking giant Deutsche Bank's stablecoin joint venture AllUnity has received approval from the German Federal Financial Supervisory Authority (BaFin), according to an announcement on Wednesday.
BaFin has granted AllUnity an Electronic Money Institution (EMI) license. With this license, the company plans to issue a regulated and BaFin-approved euro-pegged stablecoin, EURAU, in compliance with the Markets in Crypto-Assets (MiCA) framework.
AllUnity stated that EURAU will feature institutional-grade reserve proof and financial reporting capabilities.
The project also involves the U.S. firm Galaxy Digital, aiming to provide euro-denominated digital assets that can be seamlessly integrated into the workflows of regulated entities, fintech platforms, and corporate finance departments. Amsterdam-based Flow Traders will act as the liquidity provider for the project.
As this announcement comes, Europe is becoming a key battleground in the global stablecoin race, with MiCA set to be fully implemented by December 30, 2024.
This development is partly attributed to global stablecoin market leader Tether's ongoing refusal to comply with the MiCA framework. This has led to USDT being delisted from platforms like Binance, as well as competitors such as Kraken and Coinbase, affecting users in the European Economic Area.
Earlier this week, Paxos announced the launch of its MiCA-compliant global dollar (USDG) stablecoin in the EU.
A report from mid-April indicated that Circle's MiCA-compliant stablecoin euro coin (EURC) is experiencing rapid growth in market capitalization.
Circle's stablecoin may benefit from the implementation of MiCA, with euro coin and USDC being rewarded for their regulatory-friendly approach. The company's stablecoins are among the top euro and dollar-pegged stablecoins compliant with MiCA.
Nevertheless, CoinMarketCap data shows that USDT remains the undisputed market leader, with a market capitalization nearing $158 billion. USDT holds a significant lead over the second-largest stablecoin, USDC, which has a market capitalization of less than $62 billion.
Related: Judge rules Celsius's $4 billion Bitcoin (BTC) lawsuit against Tether to proceed
Original: “DWS and Deutsche Bank's Euro Stablecoin Gets Regulatory Approval”
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