Galaxy seeks to partner with asset management firm DWS and trading firm Flow Traders to introduce a stablecoin to accelerate the widespread adoption of on-chain assets. This forward-looking plan takes advantage of the opportunities provided by the European regulatory framework, but will ultimately be subject to approvals.
The company said on Wednesday that its proposed stablecoin, AllUnity, would be fully collateralized and denominated in euros. The entity plans to be incorporated in Frankfurt and the next step is to apply for an E-money license from German financial regulator BaFin. Galaxy aims to launch the stablecoin within 12 to 18 months.
A spokesperson said AllUnity plans to launch on several public permissionless blockchains, including Ethereum and Solana. (Blockworks)