AllUnity’s euro-backed stablecoin, EURAU — a partnership between Deutsche Bank and asset manager DWS — is broadening its scope across various blockchains by leveraging Chainlink’s crosschain infrastructure.
As announced on Thursday in a statement to Cointelegraph, EURAU will utilize Chainlink’s Cross-Chain Interoperability Protocol (CCIP) to connect with Ethereum, Arbitrum, Base, Optimism, Polygon, and Solana. The company also plans to extend the stablecoin to the Canton Network, which is centered on institutional financial applications.
AllUnity CEO Alexander Höptner stated that CCIP will enable EURAU to “function effortlessly across multiple blockchains,” enhancing its accessibility and utility. Fernando Vazquez, president of banking and capital markets at Chainlink Labs, mentioned that the integration sets the stage for the next phase of tokenized finance in Europe.
“AllUnity is laying the foundational infrastructure for the next generation of tokenized finance across Europe.”
EURAU is a Markets in Crypto-Assets Regulation (MiCA)-compliant euro stablecoin, fully backed by reserves and intended for enterprise applications such as B2B payments, treasury management, and on-chain settlement.
Related: EU eyes euro stablecoins to challenge dollar monopoly
Linking Europe’s stablecoin ecosystem
CCIP is Chainlink’s framework designed for securely transferring data, tokens, and messages among various blockchains. Within this system, Chainlink acts as a communication service between blockchains, facilitating interaction of smart contracts on one blockchain with assets or applications on another, particularly for token transfers.
AllUnity’s focus on Europe stems from its origins as a collaboration of two prominent German financial institutions: DWS and Deutsche Bank.
Related: USDC issuer partners with Deutsche Börse for Europe stablecoin adoption
AllUnity’s founding companies possess substantial resources. DWS reported 1.01 trillion euros ($1.67 trillion) in assets under management as of March 31. Deutsche Bank holds approximately $1.647 trillion on its balance sheet as of June, per Companies Market Cap data.
In early July, AllUnity secured a license from the German Federal Financial Supervisory Authority, enabling it to issue the EURAU stablecoin compliant with the MiCA framework by the end of July.
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