EURAU, the euro-backed stablecoin from AllUnity – a joint venture between Deutsche Bank and asset manager DWS – is expanding across multiple blockchains using Chainlink’s crosschain infrastructure.
According to an announcement shared with Cointelegraph on Thursday, EURAU will use Chainlink’s Cross-Chain Interoperability Protocol (CCIP) to connect to Ethereum, Arbitrum, Base, Optimism, Polygon and Solana. The company announced that it also plans to expand the stablecoin to the Canton Network, a blockchain focused on institutional financial applications.
Alexander Höptner, CEO of AllUnity, said CCIP will allow EURAU to “operate seamlessly across multiple blockchains,” improving its reach and usability. Chainlink Labs President of Banking and Capital Markets Fernando Vazquez added that the integration lays the foundation for the next European phase of token finance.
“AllUnity establishes the foundational infrastructure for the next generation of tokenized finance across Europe.”
EURAU is a Euro stablecoin compliant with the Markets in Crypto-Assets (MiCA) regulation, fully backed by reserves and marketed for enterprise uses such as B2B payments, treasury and on-chain settlement.
Related: EU considers euro stablecoins to challenge dollar monopoly
Connecting the European stablecoin ecosystem
CCIP is Chainlink’s framework for securely transferring data, tokens and messages between different blockchains. In this system, Chainlink serves as an inter-blockchain communication service, allowing smart contracts from one blockchain to interact with assets or applications from another, particularly to transfer tokens between blockchains.
AllUnity’s focus on Europe reflects its roots as a collaboration between two major German financial institutions: DWS and Deutsche Bank.
Related: USDC issuer partners with Deutsche Börse for stablecoin adoption in Europe
AllUnity’s founding companies have significant resources. DWS reported €1.01 trillion ($1.67 trillion) in assets under management as of March 31. Deutsche Bank currently has about $1.647 trillion on its balance sheet as of June, according to company market cap data.
In early July, AllUnity received a license from the German Federal Financial Supervisory Authority, allowing it to issue the EURAU stablecoin in accordance with the MiCA framework at the end of July.
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