DWS, Flow Traders, Galaxy Digital Launch Stablecoin Venture…

Investment manager DWS has unveiled plans for a EUR stablecoin, AllUnity, in association with Flow Traders and Galaxy Digital that will, the firm says, help accelerate mass market adoption of digital assets and tokenisation.

The firms say AllUnity will launch during a period of improving regulatory clarity in the digital assets space within the EU, following the newly-adopted Markets in Crypto Assets regulation (MiCA). The introduction of MiCA provides a harmonised legal framework for stablecoins intended to result in greater protection for all market participants. They add AllUnity will initiate the process of applying for an e-money license with German regulator BaFin, with the intention of launching the stablecoin in 12-18 months.

The partners intend to appoint Alexander Höptner as CEO of the new venture, stating they believe he brings distinct experience and vision to build and successfully lead the business. Höptner was CEO of Bitmex for 22 months to October 2022, having previously held similar roles in the Bórse Stuttgart Group for four years. Prior to that he spent more than 12 years with Deutsche Bórse, most latterly as EVP of market solutions.

“The envisaged partnership between DWS, Flow Traders and Galaxy is unique,” claims Höptner. “Their market reach and expertise will enable AllUnity to develop a go-to-market strategy for a viable EUR-denominated stablecoin in order to advance the on-chain economy. AllUnity will also be able to leverage MiCA, which we believe will contribute to growing the stablecoin market as it provides a robust regulatory framework that enhances investor protection and market integrity.”