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

FRANKFURT (Reuters) -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.

(Reporting by Tom Sims, Editing by Miranda Murray)