Deutsche Bank and DWS-Backed EURAU Stablecoin Expands Across Blockchains with Chainlink

Deutsche Bank and DWS-backed EURAU stablecoin goes multichain with Chainlink

AllUnity's euro-backed stablecoin, EURAU, a collaboration between Deutsche Bank and asset management firm DWS, is broadening its reach by utilizing Chainlink’s cross-chain infrastructure. This development promises enhanced usability and connectivity across multiple blockchains.

Key Takeaways

EURAU, a stablecoin supported by Deutsche Bank and DWS, is set to operate on several blockchains.
The integration of Chainlink’s Cross-Chain Interoperability Protocol (CCIP) allows EURAU to connect with major platforms like Ethereum, Arbitrum, and Solana.
EURAU complies with the Markets in Crypto-Assets Regulation (MiCA) and is designed for enterprise purposes such as B2B payments.
AllUnity aims to strengthen Europe’s stablecoin ecosystem amid rising competition with the US dollar.

EURAU's Expansion into a Multichain Future

AllUnity's stablecoin, known as EURAU, is a partnership between Deutsche Bank and DWS, and it is set to expand into various blockchain platforms using Chainlink’s advanced cross-chain technology. A recent announcement revealed that EURAU will incorporate Chainlink’s Cross-Chain Interoperability Protocol (CCIP) to seamlessly connect with multiple blockchains including Ethereum, Arbitrum, Base, Optimism, Polygon, and Solana. In addition, there are plans to extend EURAU's functionality to the Canton Network, which focuses on applications for institutional finance.

Alexander Höptner, CEO of AllUnity, highlighted that leveraging CCIP will enhance EURAU’s operational capability across different blockchains, thus broadening its usability and reach. Fernando Vazquez, president of banking and capital markets at Chainlink Labs, noted that this integration sets the stage for the next wave of tokenized finance in Europe.

EURAU is designed to be a euro stablecoin, fully compliant with the Markets in Crypto-Assets Regulation (MiCA) framework. It is completely backed by reserves and aims to facilitate enterprise applications, including business-to-business payments, treasury functions, and on-chain settlements.

Related: EU focuses on euro stablecoins to compete against dollar dominance

Connecting Europe’s Stablecoin Ecosystem

Chainlink's CCIP provides a secure framework for transferring data, tokens, and messages across different blockchains. This inter-blockchain communication service allows smart contracts on one blockchain to interact with assets or applications on another, effectively enabling the transfer of tokens across various networks.

AllUnity’s vision is deeply rooted in European collaboration, drawing from the strengths of its founding institutions, Deutsche Bank and DWS.

Related: USDC issuer collaborates with Deutsche Börse to boost stablecoin adoption in Europe

AllUnity is backed by robust financial resources, with DWS managing approximately €1.01 trillion ($1.67 trillion) in assets as of March 31. Deutsche Bank, as of June, holds about $1.647 trillion on its balance sheet, according to Companies Market Cap.

In early July, AllUnity received a license from the German Federal Financial Supervisory Authority. This approval allows the issuance of the EURAU stablecoin in accordance with the MiCA framework, which is expected to launch by the end of July.

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