DWS, Flow Traders, and Galaxy support AllUnity launch Euro stablecoin EURAU

According to Bloomberg, AllUnity, supported by Deutsche Bank's DWS Group, Dutch market maker Flow Traders Ltd., and financial services provider Galaxy Digital Inc., announced on Thursday the issuance of a stablecoin EURAU denominated in euros. The token is issued on the Ethereum blockchain, fully collateralized by the reserves of multiple European banks, in compliance with the EU cryptocurrency regulatory framework, with Bullish Exchange as its first listed platform. AllUnity CEO Alexander H ö ptner stated that while initially promoting its application in the cryptocurrency market, the ultimate goal is to become a widely used payment method by large enterprises. Currently, negotiations are underway with 30 companies regarding its use, without disclosing their names. Earlier this month, AllUnity obtained an electronic currency institution license from the German Federal Financial Supervisory Authority (BaFin) based on the European MiCA, and subsequently launched EURAU.