Deutsche Bank and Galaxy Digital Holdings Target E-Money License for Euro Stablecoin

Deutsche Bank and Galaxy Digital Holdings Target E-Money License for Euro Stablecoin



Deutsche Bank's asset management arm, DWS Group, is teaming up with Flow Traders Ltd., a Dutch market maker, and cryptocurrency fund manager Galaxy Digital Holdings Ltd. to create a new entity named AllUnity. This venture is aimed at launching a stablecoin pegged to the euro.



AllUnity will be based in Frankfurt, with former BitMEX CEO Alexander Höptner at the helm, as revealed in their joint statement on Wednesday.



The group is gearing up to seek an e-money license from BaFin, Germany's financial watchdog, with hopes to unveil their fully backed stablecoin in the next year and a half.



This move follows the European Banking Authority's (EBA) recent guidelines for stablecoin issuers.



By combining their strengths in both conventional and digital currency markets, these companies aim to offer a stablecoin suitable for a wide


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