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The AllUnity platform of Deutsche Bank, the largest bank by assets in Germany, has introduced a stablecoin linked to the Swiss franc. The CHFAU token operates on the Ethereum blockchain.
The stablecoin is exclusively available to corporate and professional investors via the AllUnity Mint platform, although the issuer has indicated plans to extend CHFAU to additional networks. Primarily, the new token is aimed at corporate transactions. Currently, the platform is negotiating the listing of the stablecoin with cryptocurrency exchanges, as stated by AllUnity’s CEO Alexander Höptner.
According to the DefiLlama service, this is at least the fourth stablecoin pegged to the Swiss franc. Launched in 2023, Frankencoin (ZCHF) is primarily utilized for transactions within Switzerland and is supported by the non-profit association Frankencoin. Its market capitalization stands at $35 million. Less prominent are VNX Swiss Franc (VCHF) and Hedera Swiss Franc (HCHF), with a combined market cap of $3.6 million. In comparison, the most popular dollar-pegged stablecoin, USDT, has a market cap of $183 billion.
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Another Swiss franc stablecoin, CryptoFranc (XCHF), was discontinued due to insufficient demand.
In July, AllUnity launched the EURAU stablecoin pegged to the euro, but over six months, the project’s market capitalization has only reached $1.2 million. According to CoinGecko, this ranks it 16th out of 22 stablecoins tied to the European currency. The leader in this category is Circle’s EURC, with a market cap of $459 million.
However, Deutsche Bank’s subsidiary has not managed to expand EURAU to a wide range of popular platforms: among major public centralized exchanges, the token is only available on Bullish (with a daily trading volume of $2.4 billion, ranked 11th), and among decentralized exchanges, it is listed on Aerodrome (with a volume of $14.1 million, ranked 61st). The stablecoin is also accessible on Bitpanda, Rulematch, and WAWEX platforms.
AllUnity was established in early 2024 for the issuance of regulated stablecoins. It is a joint venture between Deutsche Bank, market maker Flow Traders, and cryptocurrency firm Galaxy Digital.
At the end of last year, a group of major international banks, including Deutsche Bank, announced the initiation of work on their own stablecoin, which is intended to be a “killer” of USDT.
