Cryptocurrency Newsයුරෝ ස්ටේබල්කොයින් සඳහා ඩොයිෂ් බැංකුව සහ ගැලැක්සි ඩිජිටල් හෝල්ඩිංග්ස් ඉලක්ක ඊ-මුදල් බලපත්‍රය

යුරෝ ස්ටේබල්කොයින් සඳහා ඩොයිෂ් බැංකුව සහ ගැලැක්සි ඩිජිටල් හෝල්ඩිංග්ස් ඉලක්ක ඊ-මුදල් බලපත්‍රය

Deutsche Bank’s asset management arm, DWS Group, is teaming up with Flow Traders Ltd., a Dutch market maker, and cryptocurrency fund manager Galaxy Digital Holdings Ltd. to create a new entity named AllUnity. This venture is aimed at launching a stablecoin pegged to the euro.

AllUnity will be based in Frankfurt, with former BitMEX CEO Alexander Höptner at the helm, as revealed in their joint statement on Wednesday.

The group is gearing up to seek an e-money license from BaFin, Germany’s financial watchdog, with hopes to unveil their fully backed stablecoin in the next year and a half.

This move follows the European Banking Authority’s (EBA) recent guidelines for stablecoin issuers.

By combining their strengths in both conventional and digital currency markets, these companies aim to offer a stablecoin suitable for a wide range of users, including institutions, businesses, and individuals. DWS, mainly under Deutsche Bank’s wing, manages assets worth €860 billion ($927 billion). Flow Traders has processed transactions of €2.8 trillion ($3 trillion) in the first half of this year and has been involved in the cryptocurrency space since 2017. Galaxy Digital, steered by well-known investor Michael Novogratz, provides a variety of services, including crypto trading, asset management, and mining.

Alexander Höptner highlights that this alliance brings together the credibility of a leading asset manager, a successful market maker, and a pioneer in the crypto industry. This partnership aims to offer the necessary stability, trust, connectivity, and market influence for effective and practical stablecoins.

This venture reflects the growing trend of major firms entering the stablecoin arena, with a specific focus on euro-backed tokens.

Despite the stablecoin market’s expansion to about $130 billion, euro stablecoins have seen modest demand, with monthly trade volumes averaging around $90 million. This is in stark contrast to the $600 billion monthly trading volume of US dollar-based stablecoins.


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