based on materials from the site - By CoinoMedia
The joint venture AllUnity, created by the asset management company DWS of Deutsche Bank, market maker Flow Traders, and crypto firm Galaxy, has received approval from the German financial supervisory authority BaFin to issue the euro stablecoin EURAU under the EU's MiCA. This is the first case of launching a euro-denominated token in accordance with German law.
What stage are we at?
Although discussions began back in December 2023, the project officially crossed a critical threshold when BaFin issued a license as an electronic money institution. After more than a year of preparation, AllUnity is now ready to launch a fully backed stablecoin, secured 1:1 with euro reserves held in accounts at German banks.
EURAU will prioritize transparency: it is 100% backed and will offer proof of reserves and regulatory reporting to ensure users of the integrity of its peg. Its main applications include:
Instant settlements 24/7 across borders
Integration for regulated banks, fintechs, treasuries, and corporate clients across Europe
Why this is important
This development follows the rollout of the EU's MiCA, which encourages the issuance of regulated stablecoins. While there are dollar-pegged alternatives like EURC and EURCV, EURAU marks the first fully licensed offering from Germany and the first from a consortium combining traditional finance, market making, and crypto expertise.
Alexander Höptner, CEO of AllUnity, noted that the BaFin license is foundational for creating a 'safe, transparent, and compliant digital cross-border payment ecosystem for Europe and global markets.'
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