DWS plans to have its euro-pegged stablecoin live by 2025.
The €941 billion ($1.02 billion) assets management firm recently launched a new company called AllUnity that will unveil the stablecoin.
Deutsche Bank-owned asset management firm DWS is planning to release the first euro-denominated stablecoin in Germany, according to Reuters.
Per the report, DWS has created a new platform to be regulated by the Federal Financial Supervisory Authority (BaFin) and which will unveil the euro-pegged stablecoin by 2025.
DWS recently launched AllUnity
Stefan Hoops, the CEO of DWS, said the new company set to launch the new stablecoin is called AllUnity.
DWS partnered with Flow Traders and Galaxy Digital to launch AllUnity in June this year, according to details in the report.
While no official announcement has been published yet, this is a move that could be a major step into the crypto space for DWS. The company is a leading fund manager in Europe, currently managing over €941 billion ($1.02 billion) worth of assets globally.
When unveiled, the new stablecoin will bring its benefits to both digital asset investors and developers, including in industrial applications.
“In the short term, we expect demand from investors in digital assets, but by the medium term we expect wider demand, for instance from industrial companies working with ‘internet of things’ continuous payments,” Hoops said in a statement.
Stablecoins and MiCA regulation
DWS’s move comes as the EU moves ahead with implementation of the Markets in Crypto-Assets (MiCA) regulation that came into effect on June 30. One of the key regulatory standards is for stablecoins and various issuers and providers have taken steps to align with the law.
This includes getting the necessary licenses and approvals.
USDC and EURC issuer Circle recently became the first stablecoin issuer to secure approval with the Electronic Money Institution (EMI) license.
Binance, on the other hand, moved to delist stablecoins that fail to comply with the MiCA rules. Bitstamp also delisted Euro Tether (EURT) in June.
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