DWS, Flow Traders and Galaxy Are Forming a Firm to Issue an Euro Stablecoin
- Firms will launch a Frankfurt-based company called AllUnity
- Company aims to apply for e-money license from Germany’s BaFin
This article is for subscribers only.
Deutsche Bank’s DWS Group, Dutch market maker Flow Traders Ltd. and crypto fund manager Galaxy Digital Holdings Ltd. are planning to form a company to issue an euro-denominated stablecoin, with the goal of driving more mainstream adoption of tokenized assets.
Called AllUnity, the company will be based in Frankfurt and led by Alexander Höptner, a veteran exchange executive and the former chief executive of crypto platform BitMex, the firms said in a statement Wednesday. AllUnity plans to apply for an e-money license with Germany’s financial watchdog BaFin, with the intention of launching its fully collaterized stablecoin within the next 18 months.