Germany's AllUnity issues a compliance stablecoin pegged to the Swiss Franc, CHFAU

According to CoinDesk, German electronic currency institution AllUnity has announced the launch of the Swiss franc-pegged stablecoin CHFAU on the Ethereum blockchain. The token is backed by Swiss franc reserves at a 1:1 ratio and is intended for institutional payments, settlements, and treasury operations.

CHFAU is regulated by the Federal Financial Supervisory Authority of Germany (BaFin) and plans to expand to other networks later this year. AllUnity is a joint venture of DWS, Galaxy, and Flow Traders.