Allunity, a joint Stablecoin adventure of the asset manager DWS and Banking Giant Deutsche Bank, received a license from the German Federal Financial Supervisory Authority (BAFIN), according to a Wednesday announcement.
Bafin has granted An e-Money Institution (EMI) license to allunity. With the license, the company plans to issue a regulated and license Bafin Euro-Peg Crypto-Assets regulation markets (MICA) Outline.
Allunity says Eurau will feature institutional grade Proof-of-reserves and financially reporting.
The initiative, which also involves the US-based Galaxy Digital, aims to provide digital digital assets that incorporate seamlessly into the flow of institutions regulations, fintech platforms and business wealth. Amsterdam -based entrepreneurs will serve as the project’s liquidity.
Related: ECB EXEC changes pushing for Digital Euro to counter the growth of US Stablecoin
The battle of stablecoin for Europe
The announcement came as Europe emerged as a major battlefield in the global Stablecoin race, following the full MICA implementation of December 30, 2024.
Development is partly due to the fact that the head of the Stablecoin Market market So far Tether has refused to follow the Mica Framework. This leads to USDT (USDT) that has been removed from Binanceas well competitors like Kraken and CoinbaseFor users in the European economic area.
Related: The following stablecoins of Mica are leading the European Market-Kaiiko
Stablecoins Race for compliance with Mica
Earlier this week, Paxos announced the launch of the mica-follow it Global Dollar (USDG) Stablecoin to EU.
Reports in mid-April revealed that the Mica-Following Stablecoin Euro Coin market cap (EURC) rapidly growing.
Circle’s Stablecoins most likely benefited from the implementation of MICA, with the Euro Coin and USDC (USDC) reaping rewards of approach to friendly regulation. The company’s stablecoins is the leading euro and US dollar-pegged stablecoins to follow with Mica.
Still, coinmarketcap Data It has been shown that the USDT remains unquestionable market leader, with a market cap of under $ 158 billion. The USDT has a significant lead on the second largest Stablecoin, USDC, with a market cap of less than $ 62 billion.
Magazine: Crypto wants to overthrow banks, now they turn into the stablecoin fight
