Global: DWS Moves Toward Launching Germany’s First Regulated Euro Stablecoin

German asset management giant DWS has taken a significant step towards creating the first German-regulated cryptocurrency by launching a new company.

Owned by Deutsche Bank, DWS revealed the formation of this new entity as part of its broader strategy to introduce a euro stablecoin next year. This initiative marks a pivotal moment for the European financial sector, given that DWS manages assets worth €941 billion.

The forthcoming cryptocurrency will be regulated by Germany’s Federal Financial Supervisory Authority (BaFin), positioning DWS to potentially become the first company to obtain a German e-money license for a stablecoin.

The newly established company, named AllUnity, is a collaborative effort involving DWS, Flow Traders, and Galaxy Digital. Together, they aim to bring this innovative stablecoin to the market.

Stefan Hoops, CEO of DWS, noted that the stablecoin is expected to attract a diverse range of clients, including digital asset investors and those in industrial applications.