DB - Deutsche Bank's DWS Group Galaxy Digital Plan Euro-Backed Stablecoin Launch Pending Regulatory Approval | Benzinga
A fully collateralized euro-backed stablecoin is expected to be launched within 18 months, pending the approval of an e-money license by Germany's Federal Financial Supervisory Authority (BaFin).
What Happened: Deutsche Bank’s (NYSE: DB) DWS Group, Dutch market maker Flow Traders Ltd., and crypto fund manager, Michael Novogratz’s Galaxy Digital Holdings (OTC: BRPHF) plan to form a company, AllUnity to issue a euro-denominated stablecoin. The company targeting the mainstream adoption of tokenized assets is based in Frankfurt and will be headed by former BitMex CEO, Alexander Höptner.
The new company will apply for an e-money license with Germany’s financial watchdog BaFin for launching the fully collaterized stablecoin within the next 12–18 months.
The ...