The launch of the EURAU stablecoin marks a significant event in the cryptocurrency market, ensuring regulatory compliance and fostering financial transparency in Europe.
Regulatory Approval and Creation of AllUnity
The EURAU project is the result of a collaboration between DWS, a subsidiary of Deutsche Bank, Galaxy, and Flow Traders. Together, they established AllUnity, led by Alexander Höptner, who has been appointed as CEO. The company has secured an important e-money institution license from BaFin.
Goals and Features of EURAU
The EURAU stablecoin aims to enhance on-chain economic activities and is aligned with the EU's MiCA regulatory framework. It will be fully collateralized and integrated with financial institutions and ERP systems, facilitating 24/7 payments in the eurozone.
Impact on the European Market and Competition
The launch of EURAU is expected to boost liquidity in the European stablecoin market compliant with MiCA. Competitors of EURAU include Circle's EURC and Société Générale's EURCV. This initiative has the potential to drive institutional adoption of cryptocurrencies and improve market liquidity.
The launch of EURAU represents an important step in the development of euro-backed stablecoins, supported by clear regulatory frameworks and innovations, which could have a positive impact on both the public and private sectors.
