DWS is to launch Germany’s first regulated euro stable coin.
DWS plans to have the euro-peg stablecoin live by 2025.
of The 941 billion euro ($1.02 billion) asset management firm recently launched a new company called AllUnity, which will feature a stable coin.
Deutsche Bank's asset management firm DWS plans to launch the first euro-denominated stablecoin in Germany, Reuters reports.
According to the report, DWS has created a new platform controlled by the Federal Financial Supervisory Authority (BaFin) and which will be announced in 2025 as a Euro-peg stable coin.
DWS recently launched AllUnity.
DWS CEO Stephan Hoopes said the new company formed to launch the new stablecoin is called AllUnity.
As detailed in the report, DWS partnered with Flow Merchants and Galaxy Digital to launch AllUnity in June this year.
While no official announcement has been made yet, this is a potentially huge move for DWS into the crypto space. The company is currently the leading fund manager in Europe, managing more than €941 billion ($1.02 billion) worth of assets globally.
When revealed, the new stable coin will bring benefits to both investors and developers of digital assets, including industrial applications.
“In the short term, we expect interest from investors in digital assets, but in the medium term we expect broader interest, such as continued payments from industrial companies in the ‘Internet of Things,'” Hoopes said in a statement.
Stablecoins and MiCA regulation
DWS's move comes as the European Union moves forward with the implementation of the Regulation on Crypto-Assets (MiCA), which came into effect on June 30. One of the main regulatory standards for stablecoins and various issuers and providers from the law.
This includes necessary permits and approvals.
USDC and EURC Issuing Circle recently became the first stablecoin issuer to receive Electronic Monetary Institution (EMI) approval.
Binance, on the other hand, has moved to delist stablecoins that fail to comply with MiCA regulations. Bitstamp canceled Euro Tether (EURT) in June.
