AllUnity, a partnership between DWS, Flow Traders, and Galaxy, has gained approval from Germany's financial regulator BaFin to launch EURAU, the first regulated stablecoin tied to the euro.
What is EURAU?
EURAU will be fully backed by euros in German bank accounts and will comply with the upcoming EU regulations (MiCA), expected in 2024. The stablecoin will undergo regular checks by external auditors and report to BaFin.
AllUnity's Advantages and Plans
AllUnity aims to use EURAU for rapid 24/7 global payments, which will assist companies in better managing funds and converting real-world assets into digital tokens. The main goal is to ensure security for banks and businesses while utilizing this digital euro.
The Stablecoin Market in Europe
With BaFin's approval, AllUnity becomes a leader in the regulated stablecoin market in Europe. EURAU stands out from other euro-based stablecoins due to its compliance with strict regulations and transparency. The launch of EURAU is anticipated soon.
The EURAU stablecoin could serve as a model for future euro-based digital currencies. The crypto community is awaiting further details on the launch and functionality of this new stablecoin.
