Deutsche Bank's Asset Management Arm Teams Up with Galaxy Digital to Launch Innovative Euro-Pegged Stablecoin

Deutsche Bank's asset management division partners with Galaxy Digital and other firms to introduce a new Euro-pegged stablecoin, expanding into the growing cryptocurrency market.

DWS Group, in collaboration with Galaxy Digital and Flow Traders, announced the formation of AllUnity in a recent press release. This new entity aims to launch a fully collateralized, EUR-denominated virtual currency. The partnership leverages DWS' expertise in portfolio management and product structuring, Flow Traders' proficiency in liquidity provision in both traditional and digital assets, and Galaxy's technical infrastructure and experience in delivering digital asset solutions.

AllUnity, set to be established in April 2024, aligns with the European Union's upcoming MiCAR (Markets in Crypto Assets Regulation) laws. This timing coincides with the EU's improved regulatory environment for digital assets, following the adoption of MiCAR, which aims to provide a unified legal framework for stablecoins, enhancing market participant protection.

Galaxy Digital CEO Mike Novogratz commented on the venture, highlighting digital currencies as the natural evolution of global payment systems. He emphasized Europe's role in advancing secure digital money and expressed enthusiasm about collaborating with DWS and Flow Traders. The goal is to introduce a transparent, exchangeable, and interoperable EUR-denominated stablecoin, opening up opportunities for investors globally to engage with the expanding digital asset sector.

Dec 14, 2023