Quick Summary
- AllUnity’s euro-backed stablecoin, EURAU, is expanding across numerous blockchains.
- The stablecoin is utilizing Chainlink’s Cross-Chain Interoperability Protocol (CCIP) for this expansion.
- This integration aims to improve EURAU’s reach and usability by enabling seamless operation across different networks.
- EURAU is a MiCA-compliant stablecoin designed for enterprise use cases such as B2B payments and treasury management.
- The initiative by AllUnity, a collaboration between Deutsche Bank and DWS, marks a step towards the next phase of tokenized finance in Europe.
EURAU Expands Multi-Chain Capabilities with Chainlink
AllUnity’s euro-backed stablecoin, EURAU, a collaborative venture between banking giant Deutsche Bank and asset manager DWS, is significantly broadening its reach by integrating with multiple blockchain networks. This strategic expansion is powered by Chainlink’s robust cross-chain infrastructure.
As announced, EURAU will leverage Chainlink’s Cross-Chain Interoperability Protocol (CCIP) to establish connections with prominent blockchains including Ethereum, Arbitrum, Base, Optimism, Polygon, and Solana. The company has also expressed intentions to extend EURAU’s availability to the Canton Network, a blockchain specifically designed for institutional financial applications.
Alexander Höptner, CEO of AllUnity, highlighted the transformative impact of CCIP, stating that it will enable EURAU to operate seamlessly across multiple blockchains, thereby enhancing its accessibility and utility for a wider range of users and applications.
Fernando Vazquez, President of Banking and Capital Markets at Chainlink Labs, commented on the integration, suggesting that it lays a crucial foundation for the forthcoming advancements in tokenized finance within Europe.
AllUnity is establishing the core infrastructure for the next generation of tokenized finance across Europe.
EURAU: A MiCA-Compliant Stablecoin for Enterprise
EURAU distinguishes itself as a euro-denominated stablecoin that adheres to the Markets in Crypto-Assets Regulation (MiCA). It is fully backed by reserves and is specifically positioned for enterprise-level applications, including business-to-business (B2B) payments, treasury operations, and on-chain settlement processes.
Connecting Europe’s Stablecoin Ecosystem via CCIP
Chainlink’s CCIP is a comprehensive framework designed to facilitate secure data, token, and message transfers between disparate blockchain networks. Functioning as an inter-blockchain communication service, CCIP empowers smart contracts on one blockchain to interact with assets and applications hosted on other chains, crucially enabling the transfer of tokens across these diverse ecosystems.
The strong European focus of AllUnity is a direct reflection of its origins, stemming from the partnership between two leading German financial institutions, DWS and Deutsche Bank.
The substantial resources backing AllUnity’s founding companies are noteworthy. DWS reported managing 1.01 trillion euros in assets as of March 31. Deutsche Bank, as of June, held approximately $1.647 trillion on its balance sheet, according to data from Companies Market Cap.
Earlier in July, AllUnity secured a license from the German Federal Financial Supervisory Authority (BaFin). This regulatory approval permits the issuance of the EURAU stablecoin, in full compliance with the MiCA framework, which commenced at the end of July.
Expert Summary
AllUnity’s EURAU stablecoin is enhancing its multi-chain presence through Chainlink’s CCIP, connecting major blockchains for improved usability in enterprise financial applications. This development, backed by Deutsche Bank and DWS, signifies a key move in the evolving European tokenized finance landscape.