Euro stablecoin by DWS and Deutsche Bank gets regulatory approval
AllUnity, a stablecoin joint venture by Deutsche Bank and DWS, has received a BaFin license in Germany to issue a MiCA-compliant euro stablecoin, EURAU.
AllUnity, a joint stablecoin venture by asset manager DWS and banking giant Deutsche Bank, received a license from the German Federal Financial Supervisory Authority (BaFin), according to a Wednesday announcement.
BaFin has granted an E-Money Institution (EMI) license to AllUnity. With the license, the company plans to issue a regulated and BaFin-licensed euro-pegged stablecoin, EURAU, in compliance with the Markets in Crypto-Assets Regulation (MiCA) framework.
AllUnity said EURAU will feature institutional-grade proof-of-reserves and financial reporting.