Galaxy announced the intended formation of AllUnity, as part of a new partnership between DWS, Flow Traders and Galaxy, whose mission is to revolutionize the on-chain economy by issuing a fully collateralized EUR-denominated stablecoin. AllUnity will be regulated by BaFin, Germany's financial supervisory authority. AllUnity's longer-term focus will be to accelerate mass market adoption of digital assets and tokenization.

AllUnity's partners consist of three world-class firms with significant market reach and experience in developing and distributing leading financial products to investors in a regulatory-compliant manner. The partnership will combine DWS' strong portfolio management and product structuring capabilities, Flow Traders' leading liquidity provisioning expertise and connectivity in both traditional and digital assets globally, and Galaxy's technical infrastructure and track record of delivering innovative digital asset solutions to investors. As a result, AllUnity will be well-positioned to deliver the leading regulated EUR-denominated stablecoin for institutional, corporate, and private user adoption.

In addition, Galaxy's wholly-owned subsidiary GK8 will license its tokenization and custodial technology to support AllUnity in developing its stablecoin. AllUnity will launch during a period of increased regulatory clarity in the digital assets space within the EU, following the newly adopted Markets in Crypto Assets Regulation (MiCAR). The introduction of MiCAR provides a harmonized legal framework for stablecoins intended to result in greater protection for all market participants.

AllUnity will initiate the process of applying for an E-money license with BaFin, with the intention of launching the stablecoin in 12-18 months. The launch of AllUnity is subject to certain conditions precedent, including but not limited to the receipt of required approvals from BaFin and competition authorities.