Solana Blockchain is soon to welcome new projects from major crypto firms, notably Galaxy Digital, Deutsche Bank’s DWS Group, and Dutch market maker Flow Traders. Recent reports have emerged that these digital-asset-focused entities are set to seek regulatory approval for their planned Euro-denominated stablecoin before the intended launch date of 12 to 18 months.
Crypto-focused asset management firm Galaxy Digital is eyeing collaborations with asset management firm DWS and trading specialist Flow Traders as they join forces to bring a stablecoin to the Solana blockchain, aiming to expedite the widespread adoption of on-chain assets. This ambitious initiative is strategically positioned to leverage the evolving regulatory landscape in Europe, with success contingent on securing various approvals.
The proposed stablecoin, dubbed AllUnity, is envisioned to be fully collateralized and denominated in euros. Galaxy Digital revealed this development on December 13, detailing plans to incorporate the entity in Frankfurt. The next crucial step involves seeking an e-money license from the German financial regulator BaFin. The company is optimistic about a rapid timeline, aiming to launch AllUnity within the next 12 to 18 months.
Notably, AllUnity is set to make its mark on multiple public permissionless blockchains, including Ethereum and, notably, Solana, as confirmed by a spokesperson in communication with Blockworks. This strategic move aligns with the broader vision of fostering a diverse ecosystem for the stablecoin’s utilization and accessibility.
Following a notable 20% surge, SOL appears to have yielded to the broader market pullback. The token, holding the sixth position, experienced an 8% decline over the past 24 hours. As of the current writing, SOL is at a level of $65. The commencement of the week witnessed a substantial wave of cryptocurrency sell-offs in the Asian markets, leading to a significant downturn in the values of major cryptocurrencies amid a decline in investor confidence.
Some cryptocurrency analysts are predicting an additional drop in digital asset values, leading traders to expect a market pullback.
Solana Meme Coin Bonk Inu Secures Listing On Coinbase
Simultaneously, the memecoin Bonk Inu on the Solana blockchain has achieved a listing on Coinbase, a prominent US-based cryptocurrency exchange. The announcement of BONK’s inclusion in Coinbase’s listing “Roadmap” prompted a notable 8% surge in the token’s price, moving from 00001229 to 00001132, as reported by CoinGecko.