German startup Unstoppable Finance has just announced the launch of Europe's first fully regulated DeFi bank and stablecoin.
The project reportedly promises to fully secure the reserves of the new "stablecoin."
Last April 20, the European Parliament approved the rules for regulating the crypto asset market (MiCA). The new provisions are scheduled to come into force in 2024.
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The co-founder and CTO of Unstoppable Finance, Peter Grosskopf, has stated the traditional banking system is far from stable and that the recent collapse of the financial sector has highlighted "the need to rethink it from scratch."
He has explained:
"With the advent of stablecoins money became programmable, settling in seconds around the clock, and providing transparency into transaction ledgers. Now is the time to leverage this huge innovation and rebuild the financial system into the one we’d build today."
According to him, the euro-backed stablecoin will be classified as an "e-money token" and will serve as "bridge between traditional finance and the decentralized economy."