DWS has partnered with trading company Flow Traders and digital assets firm Galaxy, with the intention of launching a euro-denominated stablecoin.
The partnership, named AllUnity, will launch in the first quarter of next year after receiving initial regulatory approvals from BaFin, Germany's financial regulator, but will only launch the stablecoin after receiving a full electronic money license in about 12-18 months. Unlike 'normal' cryptocurrencies, stablecoins are pegged to a fixed amount, either through backing with assets or an algorithmic process. DWS is entering a market that is dominated by dollar-pegged stablecoins, with top players such as Tether and USDC all pegged to the US currency. Société Générale becomes first ...
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