DWS venture gets German finance regulator's approval for euro stablecoin

AllUnity, a joint venture that includes Deutsche Bank's asset manager DWS , said on Wednesday it had received a license by the German regulator BaFin to issue a euro stablecoin.The plans for the stablecoin have been in the works for more than a year. Stablecoins are digital tokens designed to keep a constant value and are backed by traditional currencies such as the U.S. dollar or euro.