DWS, Flow Traders, and Galaxy-backed AllUnity launch Euro stablecoin EURAU

AllUnity, backed by Deutsche Bank's DWS Group, Dutch market maker Flow Traders Ltd., and financial services provider Galaxy Digital Inc., announced Thursday the launch of its euro-denominated stablecoin, EURAU. The token, issued on the Ethereum blockchain and fully collateralized by the reserves of several European banks, complies with the EU's regulatory framework for crypto assets. The Bullish Exchange is its first listing platform. AllUnity CEO Alexander Höptner stated that while AllUnity is initially promoting its adoption within the cryptocurrency market, the ultimate goal is for it to become a widely used payment method for large enterprises. AllUnity is currently in discussions with 30 unnamed companies regarding adoption. Earlier this month, AllUnity received an electronic money institution license from Germany's Federal Financial Supervisory Authority (BaFin) under the European MiCA (Mechanical Conservation Authority) and subsequently launched EURAU.