DWS, Flow Traders and Galaxy-Backed Venture Launches Euro Stablecoin

A company backed by Deutsche Bank’s DWS Group, Dutch market maker Flow Traders Ltd. and financial services provider Galaxy Digital Inc. has issued a euro-denominated stablecoin, as competition in this increasingly regulated corner of the digital-asset market heats up.

The token — called EURAU — is launching on the Ethereum blockchain and is fully collateralized with reserves held at multiple European banks, the company, called AllUnity, said in a statement on Thursday. The stablecoin is aligned with the European Union’s regulatory framework for cryptoassets, the company said. Bullish will serve as its premier listing exchange.