German Asset Manager DWS Plans to Launch Euro-Based Stablecoin Next Year

IconCryptoNewsTerminal Staff11 Jul, 2024

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German Asset Manager DWS Plans to Launch Euro-Based Stablecoin Next Year

German asset manager DWS plans to launch a euro-based stablecoin next year, according to a Reuters report. The stablecoin will be regulated by Germany's financial regulator BaFin. DWS CEO Stefan Hoops said the stablecoin will be launched through AllUnity, a joint venture between DWS and Deutsche Bank. "We are working on a euro-based stablecoin and want to launch it next year," Hoops told Reuters. Stablecoins are cryptocurrencies that are pegged to the value of a fiat currency, such as the euro or the US dollar. This makes them less volatile than other cryptocurrencies, such as Bitcoin. DWS's stablecoin will be the first regulated stablecoin to be launched in Germany. BaFin has been working on a regulatory framework for cryptocurrencies, and it is expected to be finalized later this year. The launch of DWS's stablecoin is a sign of the growing interest in stablecoins from institutional investors. Stablecoins can be used for a variety of purposes, including payments, remittances, and trading. ```

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