Stablecoin

Flow

EURC

<a href="https://bitcoinworld.co.in/dws-confirms-plans-to-launch-first-regulated-euro-backed-stablecoin-in-2025/" title="DWS Confirms Plans To Launch First Regulated Euro-Backed Stablecoin In 2025" rel="nofollow"></a>
Asset manager DWS is planning to launch the first regulated euro-backed stablecoin in 2025 under a new joint venture firm called AllUnity, the firm’s CEO Stefan Hoops <a href="https://www.reuters.com/markets/currencies/dws-launches-jv-first-german-regulated-euro-stablecoin-2024-07-11/">told</a> Reuters on July 11. 
Hoops said the stablecoin will be fully regulated under Germany’s financial regulator, BaFin. He added that the firm expects crypto investors to create early demand for the stablecoin and sees interest in the token growing over time among other cohorts. 
According to Hoops: 
“By the medium term we expect wider demand, for instance from industrial companies working with ‘internet of things’ continuous payments.” 
He also revealed that DWS incorporated AllUnity with Flow Traders and Galaxy Digital in June. 
<h3 id="span-style-font-weight-400-germany-based-euro-stablecoin-span">Germany-based Euro Stablecoin</h3> 
The formation of AllUnity represents a Germany-based attempt to create a euro stablecoin. 
AllUnity is based in Frankfurt, and the company intends for Germany’s Federal Financial Supervisory Authority (BaFin) to regulate its upcoming stablecoin. 
Reuters noted that BaFin has not yet granted its e-money license regulation to any stablecoin, meaning that DWS would be the first to receive approval for such a product. The regulator is yet to comment on the matter. 
The news comes shortly after EU-wide Markets in Crypto-Assets (MiCA) rules concerning stablecoins came into effect on June 30. Data indicates that the new rules have impacted the stablecoin market cap in Europe. 
Few stablecoin issuers explicitly claim compliance: On July 1, Circle announced that its USDC and EURC stablecoins are compliant with MiCA, calling itself the first global stablecoin issuer to gain approval. 
DWS is majority-owned by Deutsche Bank and has 941 billion euros ($1 trillion) under management. In April, it launched crypto exchange-traded commodities (ETCs).

DWS Confirms Plans To Launch First Regulated Euro-Backed Stablecoin In 2025

Table of Contents

ItsBitcoinWorld

Other articles published on Jul 13, 2024

Leave Brett and Celestia Behind: MoonBag is The Future! Join the $MBAG Presale Now

JPMorgan and Wells Fargo In Billions Of Bad Debts, Will Feds Step In

SATS enjoys 63% surge among top cryptocurrencies

XRP Not a Security: Ripple Celebrates Landmark Ruling, Warns of SEC Overreach

Elevating Beyond the Ordinary: MoonBag’s Scalability Triumphs As Fetch.AI and SingularityNet Push...

Arcana’s chain abstraction promises better UX and capital efficiency

Join our free newsletter for daily crypto updates!