Unstoppable Finance to launch DeFi bank and euro-pegged stablecoin

finextra.com:

The first product out of the Unstoppable Finance stable was the crypto self-custodial wallet 'Ultimate', launched in 2022 on the back of a €12.2 million funding round.Unstoppable says its regulated DeFi bank will issue a fiat-backed stablecoin following the guidance of the EU’s new Markets in Crypto Assets (MiCA) regulation, alongside a broad suite of banking and financial services, both on traditional and on DeFi rails. The stablecoin will be pegged one-to-one against the euro and backed by reserves held at the European Central Bank.CTO Grosskopf has past form in launching a bank as a previous co-founder and CT of Solarisbank.

He believes that the advent of DefI and tokenised assets will upend the traditional banking industry.“The banking system today still largely runs on legacy rails," he says. "Money doesn’t flow in real-time.

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.”