Industry Updates

DWS joins forces with Flow Traders and Galaxy to launch euro stablecoin

AllUnity looks to deliver a fully collateralised stablecoin for institutional, corporate and retail investors

Lauren Gibbons

Stefan Hoops

German asset manager DWS has partnered with Flow Traders and Galaxy to launch a euro-denominated stablecoin.

The AllUnity venture, which is subject to regulatory approval from BaFin, plans to introduce the fully collateralised stablecoin to the on-chain economy.

The partnership will look to combine DWS’s portfolio management, Flow Traders’ liquidity provision and Galaxy’s technical infrastructure.

Leading the venture is Alexander Höptner, who has been appointed CEO of AllUnity.

AllUnity’s longer-term focus is to accelerate the mass market adoption of digital assets and tokenisation.

The launch comes at an exciting period for the digital assets space in the EU, which is seeing improved regulatory clarity following the newly adopted Markets in Crypto Assets Regulation (MiCAR).

Stefan Hoops (pictured), CEO of DWS, commented: “Through the future creation of AllUnity, we will bridge the gap between the traditional and digital finance ecosystems to build a core infrastructure provider that facilitates secure on-chain settlement for institutional, corporate and private use.”

Mike Kuehnel, CEO of Flow Traders, said: “To truly democratise global financial markets, transparency, efficiency and accessibility needs to be fostered and embraced by all market participants.

“The tokenisation of financial assets will play a significant role and contribute to improving financial markets as well as bringing a new level of maturity to the digital asset space.”

Mike Novogratz, CEO and founder at Galaxy, added: “Digital currencies are the natural evolution of the world’s payment system, and Europe – a region at the forefront of the exploration of safe, secure digital money – is paving the way for this inevitable shift.”

Earlier this year, DWS announced plans to launch a suite of crypto ETPs in partnership with Galaxy, with the first ETP planned to be unveiled by the end of 2023.

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