Berlin-based fintech startup Unstoppable Finance has announced plans to launch Europe's first compliant "DeFi-native bank" and a fiat-backed Euro-pegged stablecoin following the EU's new Markets in Crypto Assets (MiCA) bill. The DeFi banking arm will ensure that the stablecoin is fully backed by reserves, as outlined by the new legislation from Brussels.
Unstoppable Finance's stablecoin is legally classified as an “e-money token,” which indexes its value to the price of the fiat currency it references. The company's co-founder and CTO, Peter Grosskopf, highlighted the recent liquidity crises that rocked several banks earlier this year and emphasized the importance of maximizing guaranteed money. The launch timeline for the bank is still unclear and depends on how fast the necessary licenses can be obtained.