The German asset management company has partnered with Deutsche Bank to launch a euro stablecoin, which has received approval from German regulators.

According to Gate News bot, as reported by Cointelegraph, the stablecoin company AllUnity, established as a joint venture between asset management firm DWS and Deutsche Bank, has obtained a license from the Federal Financial Supervisory Authority of Germany, BaFin, to issue euro-pegged stablecoin EURAU in compliance with the regulation framework for crypto assets (MiCA).

This stablecoin plan, which has been in preparation for over a year, has received regulatory approval, marking an important step for the joint venture in the European digital currency market. EURAU will provide institution-level reserve proof and financial reporting to ensure the transparency of its operations.