A new stablecoin EURAU has launched in Germany, marking the country's first fully MiCAR compliant digital euro. The project was initiated by a joint venture called AllUnity.
About the EURAU Stablecoin
The EURAU stablecoin, issued by AllUnity, is the first in the country to receive licenses as electronic money from BaFin, Germany's financial regulator. The launch of EURAU aims at financial institutions, fintech firms, and corporate clients seeking fast and regulated euro transactions.
Partners and Technical Details
Trading for EURAU will open with BTC/EURAU and USDC/EURAU pairs on Bullish Europe, a digital asset exchange also regulated by BaFin. The market maker for the stablecoin will be provided by Flow Traders. The reserves of the stablecoin will be held by a group of European banks, and AllUnity will publish regular proof-of-reserve disclosures to ensure transparency.
Market of Euro-Backed Stablecoins
The launch of EURAU highlights Germany's role as a leader amid the implementation of new MiCAR rules for stablecoins and digital assets. Earlier this year, several companies backed by Tether launched new stablecoins in Europe, indicating a rising demand in the sector amid regulatory changes.
With the launch of EURAU, Germany takes a step towards enhancing Europe's financial sovereignty in the digital age. Interest in euro-backed stablecoins continues to grow, and the development of new projects promises to further increase their significance in the financial system.
