Breaking: Deutsche Bank, Others To Issue Euro-based Stablecoin

In what could be furthering the market share of stablecoins in the crypto ecosystem, Deutsche Bank, along with other partners, is reportedly launching a euro-based stablecoin.

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Deutsche Bank’s Euro Stablecoin

According to a Bloomberg report, Deutsche Bank’s DWS Group, Netherlands based market maker Flow Traders, and crypto fund manager Galaxy Digital Holdings are in plans to launch a company to issue an euro-denominated stablecoin. The initiative is aimed at driving mainstream adoption of tokenized assets, the report said. The new company by the name ‘AllUnity’ is set to be operated from Frankfurt, Germany while efforts to gain regulatory approval are underway.

Currently, the stablecoin market is dominated by Tether USDt (USDT) with a total market cap of $90.65 billion and Circle’s (USDC) market cap of $24 billion.

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