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Cryptocurrency News Articles
Asset Manager DWS Confirms Plans to Launch the First Regulated Euro-Denominated Stablecoin in 2025
Jul 13, 2024 at 06:20 am
The new stablecoin will be managed under a joint venture firm named AllUnity.
Asset manager DWS is gearing up to launch the first regulated euro-denominated stablecoin in 2025. The new stablecoin will be overseen by Germany’s financial regulator, BaFin.
In collaboration with Flow Traders and Galaxy Digital, DWS has established a joint venture firm named AllUnity, which will be responsible for launching and operating the stablecoin. The company is now seeking BaFin’s e-money license for the stablecoin.
Early interest in the stablecoin is anticipated from crypto investors, which will pave the way for broader market acceptance. The stablecoin will be fully backed by the euro, maintaining a 1:1 peg.
This development comes amid the increasing adoption of stablecoins in Europe, following the implementation of the EU-wide Markets in Crypto-Assets (MiCA) regulations on June 30.
Moreover, Deutsche Bank, the majority owner of DWS, made its first entry into the crypto market in April by launching crypto exchange-traded commodities (ETCs).
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