Deutsche Bank’s EURAU Stablecoin Launches Across Six Blockchains

TLDR

• AllUnity launched its euro-backed stablecoin EURAU across multiple blockchains using Chainlink’s Cross-Chain Interoperability Protocol.
• EURAU will connect with Ethereum, Arbitrum, Base, Optimism, Polygon and Solana networks through the integration.
• The stablecoin represents a joint venture between Deutsche Bank and asset manager DWS.
• Deutsche Bank holds approximately $1.647 trillion on its balance sheet as of June 2024.
• DWS reported 1.01 trillion euros in assets under management as of March 31.

AllUnity launched its euro-backed stablecoin EURAU across several blockchains through Chainlink’s infrastructure. The stablecoin represents a joint venture between Deutsche Bank and asset manager DWS. The expansion aims to increase accessibility and functionality for institutional users.

EURAU Integrates Chainlink’s Cross-Chain Protocol

AllUnity announced on Thursday that EURAU will use Chainlink’s Cross-Chain Interoperability Protocol for multichain deployment. The protocol connects EURAU with Ethereum, Arbitrum, Base, Optimism, Polygon and Solana networks. The company plans to extend the stablecoin to Canton Network, which focuses on institutional financial applications.

Alexander Höptner, CEO of AllUnity, stated that CCIP enables EURAU to “operate seamlessly across multiple blockchains.” This integration enhances the stablecoin’s reach and usability across different networks. Fernando Vazquez, President of Banking and Capital Markets at Chainlink Labs, said the move establishes core infrastructure for tokenized finance.

“AllUnity is establishing the core infrastructure for the next generation of tokenized finance across Europe,” Vazquez commented. The Cross-Chain Interoperability Protocol securely transfers data, tokens and messages between blockchains. Chainlink functions as an inter-blockchain communication service for smart contracts.

Deutsche Bank Partnership Drives European Stablecoin Development

EURAU is a Markets in Crypto-Assets Regulation-compliant euro stablecoin with full reserve backing. The stablecoin targets enterprise applications, including B2B payments, treasury operations, and onchain settlement. AllUnity’s European focus stems from its founding partnership between Deutsche Bank and DWS.

Deutsche Bank holds approximately $1.647 trillion on its balance sheet as of June 2024. DWS reported 1.01 trillion euros in assets under management as of March 31. These financial institutions provide substantial resources for AllUnity’s operations.

The German Federal Financial Supervisory Authority granted AllUnity a license in early July. This authorization allowed the company to issue EURAU under MiCA framework compliance at the end of July. Deutsche Bank’s involvement demonstrates traditional banking interest in blockchain-based payment solutions.

The stablecoin enables cross-border transactions and settlements through multiple blockchain networks. Deutsche Bank’s participation validates the institutional adoption of digital asset infrastructure. CCIP technology enables EURAU holders to transfer tokens across various blockchain ecosystems efficiently.

AllUnity combines Deutsche Bank’s banking expertise with DWS’s asset management capabilities for digital currency operations. The multichain approach provides flexibility for institutional clients across various blockchain platforms. Deutsche Bank continues to expand its digital asset offerings through strategic partnerships, such as AllUnity.

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