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Deutsche Bank and asset manager DWS are significantly expanding the reach of their euro-backed stablecoin, EURAU. The stablecoin will now be accessible across a wider array of blockchain networks, leveraging Chainlink's advanced cross-chain infrastructure to enhance interoperability and accessibility for institutional finance.
Key Takeaways
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EURAU, a joint venture between Deutsche Bank and DWS, is expanding its presence to multiple blockchains.
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The expansion utilizes Chainlink's Cross-Chain Interoperability Protocol (CCIP).
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Initial supported chains include Ethereum, Arbitrum, Base, Optimism, Polygon, and Solana.
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Future plans include integration with the Canton Network, a blockchain designed for institutional finance.
Multichain Expansion Powered by Chainlink
In a move set to broaden the utility and adoption of digital assets, EURAU is integrating with Chainlink's Cross-Chain Interoperability Protocol (CCIP). This strategic partnership will enable EURAU to operate seamlessly across several prominent blockchain networks. The initial rollout will see the stablecoin become available on Ethereum, Arbitrum, Base, Optimism, Polygon, and Solana.
This expansion is a significant step for institutional digital assets, allowing for greater flexibility and efficiency in cross-border transactions and decentralized finance (DeFi) applications. By utilizing CCIP, EURAU can benefit from a secure and reliable framework for inter-blockchain communication, ensuring the integrity and smooth transfer of its stablecoin across diverse ecosystems.
Future Growth and Institutional Focus
The collaboration doesn't stop at the current list of blockchains. Deutsche Bank and DWS have also announced plans to extend EURAU's reach to the Canton Network. This specialized blockchain is specifically built to cater to the needs of institutional financial services, suggesting a strong focus on regulated and compliant digital asset solutions.
The expansion signifies a growing trend of traditional financial institutions embracing blockchain technology and digital currencies. By making EURAU more accessible across various chains, Deutsche Bank and DWS are positioning themselves to play a key role in the evolving landscape of digital finance, offering a stable and regulated euro-denominated digital asset for a global market.
Sources
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Chainlink Brings Deutsche Bank And DWS’s EURAU Multichain, StartupNews.fyi.
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