stablecoin As the market continues to expand day by day, Deutsche Bank has officially launched a euro-based stablecoin project.
According to news published by Bloomberg, Deutsche Bank’s DWS Group, Netherlands-based market maker Flow Traders and crypto fund manager Galaxy Digital Holdings are planning to form a company to issue a euro-denominated stablecoin. The news stated that the initiative aims to ensure mainstream adoption of tokenized assets. The new company, called ‘AllUnity’, will operate in Frankfurt, Germany, and efforts to gain regulatory approval are ongoing.
Currently, the stablecoin market is dominated by Tether USDT with a total market cap of $90.65 billion and Circle (USDC) with a market cap of $24 billion.
While the name of the stablecoin is not yet known, the company AllUnity is preparing to apply for an e-money license with the Federal Financial Supervisory Authority (BaFin). It is also claimed that AllUnity will be managed by Alexander Höptner, who was previously the CEO of crypto exchange BitMex.