Galaxy, DWS, & Flow Traders Unite for Euro Stablecoin Launch

• Galaxy, DWS, and Flow Traders Partner to Launch Euro Stablecoin
• Detailed Overview of the Partnership
• AllUnity's Vision
• Contributions from Key Players
• Expected Timeline and Regulatory Landscape

Galaxy, DWS, and Flow Traders Partner to Launch Euro Stablecoin

Galaxy, a leader in the crypto market, is joining forces with asset management heavyweight DWS and trading expert Flow$0.909 -1.61% Traders. The ambitious collaboration aims to advance the adoption of on-chain assets through the introduction of a euro-denominated, fully collateralized stablecoin named AllUnity. Success of the project is dependent on the acquisition of numerous approvals and capitalizing on the evolving regulatory environment in Europe.

Detailed Overview of the Partnership

The collaborative endeavor involving DWS, Flow Traders, and Galaxy was officially unveiled on December 13. The goal is to launch AllUnity, a fully collateralized euro stablecoin. The team plans to register the entity in Frankfurt and seek an E-money license from the German financial regulator BaFin. This is scheduled for the next phase. Moreover, the partners aim to launch the stablecoin within 12 to 18 months, pending regulatory approval.

AllUnity's Vision

AllUnity, the proposed stablecoin, is designed to operate on several public permissionless blockchains, including Ethereum$2,315 -2.42% and Solana$104 5.03%. DWS CEO Stefan Hoops explains that AllUnity's creation is intended to bridge the gap between traditional and digital financial ecosystems and furnish a safe on-chain settlement infrastructure for institutional, corporate, and private use. He also noted AllUnity's potential usefulness for corporations with internet-of-things enterprises, enabling secure and fractional 24/7 payments.

Contributions from Key Players

Galaxy's founder and CEO, Novogratz, emphasized the pivotal role of digital currencies in the natural evolution of global payment systems. He highlighted Europe's leading role in examining secure digital money, thus paving the path towards a digital currency future. The collaboration will benefit from DWS's expertise in portfolio management and product structuring, Flow Traders' liquidity services and connectivity, and Galaxy's technical infrastructure and digital asset solutions via its subsidiary, GK8.

Expected Timeline and Regulatory Landscape

AllUnity aims to finalize its business incorporation by early 2024, with the stablecoin launch anticipated 12 to 18 months following BaFin approval. The partners are optimistic about the emerging regulatory clarity in the European digital asset industry, expecting further insights from the recently instituted Markets in Crypto Assets Regulations (MiCA), which provides a legal framework for stablecoins and other digital assets.

Moreover, the partnership between DWS, Flow Traders, and Galaxy poses a proactive move towards enhancing the digital asset ecosystem in Europe. The planned launch of AllUnity, a fully collateralized euro stablecoin, illustrates the merging of traditional finance and the digital sphere. As regulatory clarity in the European digital asset industry advances, the collaborative effort seeks to deliver a secure and efficient infrastructure for on-chain settlements. This will support the ongoing evolution of the global payment landscape.

Edited by Jonathan Stoker