AllUnity, a regulated European stablecoin issuer and licensed e-money institute backed by DWS, Flow Traders, and Galaxy, announced its plan to issue what it described as the world’s first fully reserved stablecoin pegged to the Swedish krona.
Dubbed SEKAU, the stablecoin will be backed 1:1 by Swedish krona reserves and issued under the European Union's Markets in Crypto-Assets Regulation as a regulated e-money token, the company said in a statement on Wednesday. Holders will have a statutory right to redeem the token at par value.
According to the statement, SEKAU is designed for 24/7 instant settlement, cross-border payments, and programmable finance applications targeting financial institutions, fintechs, and enterprises. The launch is currently planned for June, pending completion of regulatory engagement and operational readiness.
"Sweden has long been a global leader in the transition toward a cashless economy, but that transition also requires a new form of digital money that is interoperable and globally accessible," AllUnity CEO Alexander Höptner said. "SEKAU is a response to that demand and represents a natural evolution of the Swedish krona for today's digital economy, supporting instant settlement, programmable money, and cross-border payments."
