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DWS, an asset management firm owned by Deutsche Bank, is preparing to launch the first euro-denominated stablecoin regulated by Germany’s Federal Financial Supervisory Authority (BaFin). The initiative marks a significant step for the European financial sector, with DWS managing €941 billion ($1.02 billion) in assets worldwide.
DWS plans to introduce a stablecoin by 2025 through its newly formed company AllUnity. This new organization is a collaboration between DWS, Flow Traders and Galaxy Digital. However, at the time of writing, the company had not yet provided additional information about the new asset. Stefan HOOPES, CEO of DWS, announced that the stablecoin will be aimed at investors in digital assets and industrial applications. Hoops also highlighted the expected widespread demand for regulated digital currencies.
The move is in line with the broader regulatory phase shaped by the Markets in Crypto-Assets (MiCA) framework in Europe. Since its introduction on June 30, the framework has established comprehensive standards for the issuance of stablecoins, including requirements for the publication of official documents, governance, reserve management and prudential standards.
Image: BTC Echo
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