Claim BonusBreaking: Deutsche Bank, Others To Issue Euro-based Stablecoin
In what could be furthering the market share of stablecoins in the crypto ecosystem, Deutsche Bank, along with other partners, is reportedly launching a euro-based stablecoin.
Also Read: Here’s Why Bitcoin (BTC) And Crypto Market Falling Today
Deutsche Bank’s Euro Stablecoin
According to a Bloomberg report, Deutsche Bank’s DWS Group, Netherlands based market maker Flow Traders, and crypto fund manager Galaxy Digital Holdings are in plans to launch a company to issue an euro-denominated stablecoin. The initiative is aimed at driving mainstream adoption of tokenized assets, the report said. The new company by the name ‘AllUnity’ is set to be operated from Frankfurt, Germany while efforts to gain regulatory approval are underway.
Currently, the stablecoin market is dominated by Tether USDt (USDT) with a total market cap of $90.65 billion and Circle’s (USDC) market cap of $24 billion.
Former BitMex CEO To Lead New Company AllUnity
The name of the stablecoin is yet to be known while the company, AllUnity, is set to apply for an e-money license with the local financial watchdog the Federal Financial Supervisory Authority (BaFin). AllUnity will reportedly be headed by Alexander Höptner, who was formerly the chief executive officer of crypto exchange BitMex.
The stablecoin will be fully backed by collaterals, the report said. This could be an important aspect in the stablecoin space owing to the criticism around lack of clarity on collateral and the funds to back the stablecoin operations. For example, Tether, the company behind USDT, had in December 2022 announced plans to minimize its loan exposure, after concerns were raised around the safety of stablecoins, in the context of the FTX collapse.
The company said it was focusing on maintaining transparency, accountability and operational eminence to safeguard itself from such calamities. Mike Novogratz’s Galaxy Digital, also had exposure to FTX.
Also Read: CZ, Binance Say US SEC Claims On DOJ Settlement ‘Irrelevant’
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- Aster DEX Review – Is It Safe and Legitimate?
- XRP News: Ripple Secures First EMI License in Luxembourg to Boost Payments in Europe
- Top 3 Reasons Why XRP Price Is Surging Today
- Bitcoin Price Reclaims $96K as Bitwise CIO Predicts “Parabolic” Run From BTC ETF Flows
- Germany’s DZ Bank Gets MiCAR Approval to Offer Institutional Bitcoin, Cardano Trading
- Top 3 Meme Coins Price Prediction: PEPE, Dogecoin, and Shiba Inu as 8% Market Boost Fuels Growth
- Standard Chartered Predicts Ethereum Price could reach $40,000 by 2030
- Bitcoin Price Eyes $100k as Core US Inflation Slips Ahead of CLARITY Act Markup
- Why Is MSTR Stock Price Down Despite Recent Bitcoin Purchase
- Pi Coin Price Prediction: How Mainnet Migration and New Tokens Supply Could Affect Pi Network?
- Crypto Stocks To Watch: MSTR, Metaplanet, and S&P 500 price
